Blockstack PBC Files Annual Report with SEC
Official Team Apr 28, 2020 16:00
Company releases most comprehensive report since the first-ever SEC qualification for its token offering last year
Company releases most comprehensive report since the first-ever SEC qualification for its token offering last year
NEW YORK, NY — APRIL 29, 2020 — Blockstack PBC, creator of software for a user owned internet and secure app ecosystem, has filed its annual SEC report, the most comprehensive filing Blockstack PBC has submitted since conducting the first SEC-qualified digital token offering in US history in 2019. The Stacks (STX) token is believed to be the first and only crypto asset listed on CoinMarketCap for which regular disclosures are filed with the SEC, reflecting an unparalleled level of transparency in the crypto industry.
As part of its $23M raise last year, Blockstack PBC publicly files periodic audited financials with the SEC, increasing transparency for the Blockstack community. Audited financials are typically unheard of for cryptocurrency startups. The annual report has a new set of audited financials for 2019. By following the standards set by the SEC, Blockstack aims to bring further legitimacy and professionalism to the crypto industry.
The filing holds key updates on the Blockstack ecosystem and the progress that has been made since summer 2019. Updates include detailed information about the growing number of apps in the network and strategic partnerships forged, the legal status of Stacks (STX) tokens in the U.S. and in non-U.S. jurisdictions, the exchanges that have listed STX, audited financials, and the growth of the team.
Muneeb Ali, CEO of Blockstack PBC said, “This filing is another important moment for the Blockstack ecosystem. We’re in this unique position, where Blockstack’s STX is the only crypto asset listed on CoinMarketCap (CMC Top-100) that we’re aware of that files this SEC annual report. We are hoping to set a possible pathway for other projects to increase and prioritize their transparency for the broader markets. The novelty of this filing almost feels similar to being the first public company on Wall Street to publish an annual report. It only takes one company to establish a model for being compliant and elevating transparency in order to further progress an industry with so much potential.”
The annual report is the latest update from Blockstack, following a string of major developments over the past year. Since its SEC qualification in July 2019, Blockstack successfully distributed STX to 4,500+ participants of token offerings and forged strategic partnerships in Asia, including partnerships with investors like Recruit, HashKey Group, SNZ, Fenbushi, and others. Apps built on the Blockstack network grew from 114 in 2019 to more than 400. Blockstack partnered with Blockchain.com to distribute STX to 300K owners and integrated Blockstack logins with FireChat. Most recently, Blockstack launched the testnet of Stacks 2.0, an upgrade that will allow developers and miners to participate in Blockstack’s latest consensus mechanism, Proof of Transfer (PoX). PoX interconnects the Stacks blockchain to the security of the Bitcoin network by requiring BTC commitments instead of native Proof of Work mining. The launch of Stacks 2.0 is the next phase in Blockstack’s mission of becoming a fully decentralized ecosystem.
Those interested in participating in a Blockstack ecosystem call detailing the annual report are welcome to join on May 1st, 2020 at 10:00am EST at https://community.blockstack.org/sec-annual
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