After chasing the US Securities and Exchange Commission for over ten months, Ali and Ryan Shea founders of Blockstack PBC are a happy lot since their efforts bore fruits. Their approved public token offering under regulation A+ generated more than $23 million.
An approved token offering under regulation A+ means Blockstack PBC had the upper hand since any interested member could invest in the startup. With the SEC blessings, Blockstack PBC set out and floated its tokens attracting investors from every corner of the globe.
Per the detailed blog post, Blockstack PBC had Spartan Group, Frontier Ventures, Fenbushi Capital, Hashkey Group, Arrington Capital, Recruit Holdings, Lux Capital, and Union Square Ventures in its list of investors. In total Blockstack PBC, had 4500 individual investors and firms as participants.
Blockstack PBC Was Also Targeting the Asian Market
With SEC opening up the doors for Blockstack PBC to lure in any investor, for Blockstack PBC, the public token offering presented with an opportunity to enter the Asia market. Although Blockstack PBC had Recruit, SNZ, and Hashkey as its investors from the Asian region, the startup is still targeting other international investors.
However, for its second round, Blockstack PBC might set up a private placement under its SEC approved token offering. From this fundraising round, Blockstack PBC hopes to get more than $5 million, which will still be channeled to expand its growth in Asia.
With funds in order and its entry into the Asian market set in motion, Blockstack PBC can now focus on expanding its App mining program. At the moment, the latter already has 250 apps on its network, but now Blockstack PBC can concentrate on its expansion. Apart from Blockstack benefiting from the App mining program expansion, developers also stand to gain. Through the program, Blockstack PBC will be able to distribute its Stacks STX tokens to developers with exceptional skills. The program already enables the firm to pay developers $1 Million STX every month.
While the post depicts a startup which has got everything under control, for Blockstack PBC the $23 million will come in handy at enabling it to decentralize its network further. However, at the moment, all hands are on deck as Blockstack is preparing for its upcoming token hard fork.
