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STP Network IEO Raised $0.75M In A Few Seconds

 

STP Network (Standard Tokenization Protocol) managed to raise $0.75 million within a few seconds, as taken from InWara’s market intelligence platform and confirmed by press releases on June 11th.

STP Network

Standard Tokenization Protocol is a decentralized, open source standard to tokenize and issue any asset as a security token offering.

The funds were raised via an Initial Exchange Offering which was held on cryptocurrency exchange Bittrex.

STP Network - What do they do?

STP is trying to enter the asset tokenization market which is already filled with major players such as Securitize, Tokeny, Polymath, Swarm fund and more.

The STP token can be staked in addition to being collected as fees and used for transaction gas to help compliance validators, a feature not currently found in tokens of most other players.

Details of the STP Network IEO on Bittrex

During the IEO, a total of 75 million STPT tokens were sold. This funding follows an earlier raise of $7 million in 2 private rounds led by leading Venture Capitalists,

A total of 75 million STPT tokens were sold during the IEO. As reported by Cointelegraph last month, Standard Tokenization Protocol earlier raised $7 million through two private rounds led by prominent venture capitalists as seen on InWara’s market intelligence platform.

“The token sale was conducted with Bitcoin, requiring those who contributed to send BTC totaling between $10 and $2,500 USD, raising approximately $750,000, or 3.75% of the overall token supply. These funds will be used for further protocol development and the creation of a mobile app for retail users.” - Take from STP network’s medium handle

Initial Exchange Offerings or IEOs have been taking the crypto space by storm with an ever-growing number of IEO launchpads, IEO projects and major crypto exchanges jumping on the bandwagon as reported by InWara’s Initial Exchange Offering report.

Key takeaways from the report:


- IEOs have raised a whopping $1.672 billion so far, a staggering amount considering the nascency of the space
- Asian countries are leading the IEO race with stiff competition from Europe and the US
- The most popular IEO platform, judging by the number of IEO projects, isn’t Binance as one would expect but London-based LATOKEN. With as many as 21 IEO projects being launched so far.

 

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