Standard Tokenization Protocol (STP) to Launch IEO on Bittrex
Standard Tokenization Protocol (STP), an open-source decentralized platform for the issuance of tokenized assets, has joined forces with Bittrex International, a Malta-based cryptocurrency exchange, in a bid to conduct its initial exchange offering (IEO) on the exchange, according to a press release on June 5, 2019.
Treading the IEO Path
According to a press release, Standard Tokenization Protocol (STP), a decentralized and open-source network that claims to be dedicated to facilitating the tokenization and issuance of digital assets, has announced plans to launch its initial exchange offering (IEO) on Bittrex International.
The IEO which is scheduled to go live on June 11, 2019, at 14:00 GMT and end at exactly 14:00 GMT on June 12, 2019, will enable STP to issue its STPT digital asset to participating investors and raise funds for further development.
Specifically, the STP team has revealed that the funds raised during the IEO will be used to develop its blockchain network, to make its vision of facilitating frictionless tokenization and issuance of digital assets a realizable one.
If all goes as planned, authorized Bittrex International users will be able to purchase the Standard Tokenization Protocol Tokens at a fixed rate on the exchange starting from June 11, 2019.
The STP team is yet to reveal the hard cap and soft cap target of the fundraiser as at press time.
Commenting on the matter, Bittrex International’s Bill Shihara stated that the platform remains dedicated to fueling innovation and the widespread adoption of distributed ledger technology (DLT) while also operating within the ambits of the law.
“The STP team share that same vision and they are already enabling businesses across the globe to simplify the tokenization process and remain compliant at the same time. This partnership is a perfect fit and we are proud to help STP raise more funds to continue its excellent work.”
Mike Chen, the CEO of STP also expressed excitement over the company’s alliance with Bittrex, adding that the move represents a significant milestone in STP’s journey towards creating an entirely decentralized network for compliant and transparent digital assets tokenization.
Since bad actors took over the world of initial coin offerings (ICO), coupled with the 2018 crypto market crash which triggered a huge loss for altcoin holders, investors’ interest has significantly shifted from ICOs to security token offerings (STOs) and IEOs and it appears this new trend will not change anytime soon.