Blockstack, a blockchain-based internet platform, has decided to contribute 100 million STX tokens (~$23 million) to the Stacks Foundation in order to increase decentralization of the ecosystem, the company announced.
The company will also contribute $950,000 loan for working capital, IP rights for the Stacks 2.0 blockchain software and for the domain names stacks.org, stacks.foundation, and stacksfoundation.com.
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Blockstack Co-Founder Muneeb Ali says the foundation will have "complete control" over the contributed assets.
"We hope that with our contribution, the Stacks Foundation can continue to work towards developer and user education, Stacks blockchain research, development, and protocol upgrade coordination," Ali added.
With the contribution, Blockstack reportedly wants to avoid the supervision of the US Securities and Exchange Commission (SEC).
In July 2019, the SEC approved Blockstack's token sale. According to Ali, that was the very first time in history the SEC approved a token sale under Regulation A+. In total, Blockstack managed to attract over $20 million.
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