Blockstack PBC - a decentralized computing network - managed to raise USD23M in a token offering approved by the U.S. Securities and Exchange Commission (SEC), Cointelegraph reports on September 11th.
The amount includes the funds raised from both non and U.S. residents, which were allowed to take part due to SEC's approval, with more than 4500 individuals and entities taking part. The project has received funding from Union Square Ventures, Lux Capital, Recruit Holdings, Arrington Capital, Hashkey Group, Fenbushi Capital, Frontier Ventures and Spartan Group.
The CEO of Blockstack PBC, Muneeb Ali, commented “We are in discussions with international investors for an additional $5M+ which may be distributed in a separate private placement or in a follow-on SEC-qualified offering, as we have previously disclosed in our SEC filings. The goal of this additional distribution is to continue growing our community and network in Asia.”
While most of the space is focusing on initial exchange offerings, it would appear that a different fundraising model is still live and kicking. By managing to raise USD23M, Blockstack has proven that investor interest in quality projects is still present, as well as that other funding mechanisms can provide satisfactory results. Given SEC's approval for the token offering, they have created a strong foothold in the U.S. crypto community that not many project can boast and will surely benefit from it.