DApp platform Blockstacks’ native token Stacks will be listed on two exchanges: leading cryptocurrency exchange Binance.com as well as the Hong-Kong-based institutional focused Hashkey Pro exchange.
This was shared in a press release on Wednesday, October 23rd, by Muneeb Ali, Blockstack’s CEO.
Binance published another press release to announce that the listing will be added on October 25th at 4 AM UTC with three supported pairs for BNB, BTC, and USDT.
“Users can now start depositing STX in preparation for trading,” Binance wrote.
The two exchanges are planned to cater to the two types of investors with Binance allowing retail investors to trade STX tokens and Hashkey Pro catering for the professional investors.
It can be remembered that Blockstack registered the sale of the Stacks tokens with the SEC meaning that the use and ownership of these tokens will be closely monitored.
Infect, Blockstacks will be limited from using the Stacks (STX) tokens to purchase or invest in any other tokens launched by dApp developers on its platform.
In addition, the SEC now makes the relationship between Blockstacks and its investors a little more formal similar to running a public company.
And the last thing to note according to Ali’s announcement is that STX will not be available for purchase by US residents from either of the two exchanges.
Binance had made it easy prior by retracting support for US residents from its main platform but instead launching a jurisdiction-specific subsidiary dubbed Binance.US.
STX token will not be listed on the Binance America platform but the global version. These are some of the costs of registering with the SEC or by extension doing business in the United States.
In order to conduct a successful RegA+ token offering registered and regulated by the SEC, Blockstacks reportedly spent close to 10 months in addition to about $2 million to gain approval from the commission.
The company went on to raise $23 million from its regulated ICO but also attracting the interest of the Asian market investors who contributed $7.6 million of the total raised funds.
“Our goal with the listings on Binance and Hashkey Pro is to increase access to the Blockstack network globally,” Ali said commenting on the two listings. “Users can now easily acquire Stacks tokens for use on the network. We also want to ensure convenient liquidity for Stacks holders and app miners.”