Major cryptocurrency exchange Binance is preparing to expand its token offering with the listing of Blockstack (STX).
According to an announcement on Oct. 23, the cryptocurrency exchange will open trading for STX/Binance Coin (BNB), STX/Bitcoin (BTC) and STX/Tether (USDT) trading pairs on Oct. 25. Binance users can now deposit STX ahead of trading.
In addition to trading on Binance, STX will also trade on institutional exchange Hashkey Pro. In a separate press release, Blockstack notes that there are presently no authorized exchanges or tradings systems for United States-based investors to buy the token.
The blockchain-based startup Blockstack was the first-ever digital token offering to receive the go-ahead from the United States Securities and Exchange Commission (SEC) and run a $23 million investment round under Regulation A+.
Blockstack founders Muneeb Ali and Ryan Shea reportedly spent 10 months and approximately $2 million to get the green light from the SEC for a Reg A+ offering. Ali said that Blockstack had to develop a protocol for running what is essentially a regulated initial coin offering through Regulation A+ from the ground up.
Regulation A+ is an initial public offering alternative geared towards startups in need of early funding. Regulation A+ funding was introduced in 2012 via the “Jumpstart Our Business Startups Act.”