Following a recent VC round where they raised a reported $7 million, Standard Tokenization Protocol Partner is now pursuing an Initial Exchange Offering (IEO) by partnering with Malta-based Bittrex International.
Bill Shihara of Bittrex International said that every action they take is guided by their commitment to promoting blockchain innovation:
“The STP team share that same vision and they are making it a reality for projects all over the world to simplify the tokenization process and remain compliant. This partnership is perfect fit and we are extremely proud to help STP raise additional funds to continue their great work.”
According to note from the firm, “authorized” users will be able to purchase the tokens, Standard Tokenization Protocol tokens (STPT), at a fixed cost on Bittrex beginning June 11th. The authorized part most likely means – no US investors.s
Bittrex International operates within the regulatory framework established by the Maltese Government, including the Malta Virtual Financial Assets Act. The company says it will apply to the Malta Financial Services Authority to become a regulated Virtual Financial Asset exchange.
Bittrex also operates a US facing crypto exchange.
Funds raised will be utilized to further develop the bespoke blockchain and “realize their vision to seamlessly enable the execution of token issuance, providing issuers with a fundraising method that is faster and cheaper than traditional means.”
Standard Tokenization Protocol is an open-source standard and decentralized network that seeks to simplify the tokenization and issuance of assets.
Mike Chen, CEO of STP, stated:
“The IEO is only the beginning of our long journey to create a decentralized network for compliant and transparent tokenization.”
Bittrex International customers can read about all the IEO details here.
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