Blockchain-Based Blockstack Company Intents On Raising $50 Million In Token Sale

The Blockstack company is currently working on providing a decentralized computing network in order to facilitate decentralized applications. Blockstack applied with the SEC to provide $50 million token sale later this year so this is what we are reading in today’s altcoin news.

The company would be the first in the blockchain industry with an approved A+ regulatory framework by the SEC. The company is one of the first companies to seek approval before even starting to do business. Blockstack even chose to go with an alternative route which means they will be able to offer high-level security tokens for investors.

According to a press release, Blockstack has already created over 80 applications. A couple of investors already privately invested about $50 million in the company. Blockstack now provides the infrastructure of a decentralized development ‘’playground.’’ Some of the dapps that are launched on the platform include Block Vault which is an alternative to Google Docs.

The SEC filing shows that Blockstack will offer about 40 million tokens and each will cost $0.30. The 40 million tokens will be reserved for the developers who are creating good-quality applications on the platform. The document states:

 “Union Square Ventures, a beneficial owner of approximately 15% of our capital stock, over 5% of the outstanding Stacks Tokens and an affiliate of a member of our board of directors, has indicated an intent to purchase up to approximately $1 million in Stacks Tokens in the general offering through one or more affiliates. All such tokens will be purchased at the general offering price and on the same terms as the other purchasers in the general offering. However, because there is no binding agreement obligating Union Square Ventures or its affiliates to purchase these tokens, it may determine to purchase fewer tokens than it has indicated an intent to purchase or not to purchase any tokens in this offering.”

The token offering will cost Blockstack about $1.8 million where about 255 million tokens will be created.