Retail investors in the U.S. will now be able to trade a SEC-qualified token offering for the first time.
Following the launch of the Stacks 2.0 mainnet, OKCoin has announced that it has listed the Stacks token (STX.)
Stacks, formerly known as Blockstack, shares a native connection with the Bitcoin network. As reported by Cointelegraph, the layer-one blockchain has an ambitious vision to bring smart contracts and decentralized finance to BTC — enabling developers to build cutting-edge applications and explore new use cases.
America is not the only market where STX can be purchased and traded on OKCoin, as this cryptocurrency will also be available in a number of other international markets, with the exception of the EU, Singapore and Brunei.
OKCoin’s chief marketing officer Haider Rafique said: “Stacks is expanding Bitcoin’s value proposition beyond a store of value by bringing apps and smart contracts to its network. This paves a way for creating new ecosystems utilizing Bitcoin’s best features.
“In the case of Stacks, we are rooting for a future of DApps that ultimately create a network of a user-owned internet, one that brings digital ownership to the forefront. It’s an exciting time for this release with the backdrop of Bitcoin’s new all-time highs and where Bitcoin may go when the vision of Stacks is fully realized.”
It all Stacks up
As well as being used for executing smart contracts and processing transactions, STX enables holders to participate in “stacking” — an action that supports blockchain consensus and helps to keep the Stacks network secure, with users receiving Bitcoin rewards in return.
According to the Stacks Foundation, this layer-one blockchain’s approach provides a new way of earning Bitcoin at a time when it is difficult to acquire — amid speculation that BTC is heading for a supply squeeze because of increasing levels of institutional adoption.
Users do need to hold a minimum amount of STX in order to take part in stacking, but OKCoin users are able to pool their funds — meaning they can get involved with as little as 50 STX (about $25 at the time of writing.)
The Stacks Foundation’s executive director Brittany Laughlin told Cointelegraph: “The listing of STX on OKCoin is a major milestone that was achieved through careful attention to regulations and open information sharing. With U.S. persons now able to purchase STX and participate in the Stacks 2.0 network, the user-owned internet is even closer to having a truly global presence.”
OKCoin offers a range of easy-to-use fiat onramps, allowing newcomers to the crypto markets to convert their local currency into digital assets.
A historic moment
OKCoin’s listing of STX comes weeks after Blockstack PBC — now known as Hiro PBC — shared the summary of a legal memorandum supporting plans for STX to no longer be considered a security under U.S. law once the Stacks 2.0 mainnet launched.
This followed a Reg A+, SEC-qualified token offering of STX and a concurrent Asia strategic round in September 2019, which resulted in $23 million being raised.
During the livestream for the Stacks 2.0 mainnet launch event, Haider Rafique added that one of OKCoin’s top priorities was simplifying DeFi for crypto natives — as well as those who are curious about digital assets.
“We try and remove all of the jargon we can, so people are clear on the utility and it’s really easy to understand,” he said during the broadcast.
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