Standard Tokenization Protocol (STP), an open-source standard and decentralised network for the tokenisation and issuance of any asset, has announced that it in May closed a US$7M financing round with investors, including Singapore-based NEO Global Capital, Beijing-based fund BlockVC, and crypto-asset investment company Alphabit Fund.
Additionally, the Singapore-based company has announced it will be conducting its initial exchange offering (IEO) on Bittrex International, a digital assets trading platform. Interested and qualified users can participate in the STP IEO via Bittrex, starting at 10pm SGT on Tuesday, June 11th. The token sale will end at 10pm SGT on Tuesday, June 12th, or once the total supply is sold if earlier.
Mike Chen, Founder and CEO of STP, said: “We decided to go with Bittrex because their community, like ours, is global, and the platform allows users to purchase more tokens in comparison to other IEO platforms. With the help of Bittrex, we will be able to unlock trillions of dollars of value using the STP-Standard.”
STP was co-founded by Sinhae Lee and Richard Lee.
STP claims its platform allows for the compliant and transparent tokenisation of any asset, which will improve the way digital assets behave and how individuals interact with them. Tokenised assets in the STP ecosystem are enabled with new asset features that eliminate the hassle of manual and labour-intensive back-end processes.
STP helps lower the barrier to entry for accessing digitally native assets by allowing for fractional ownership, thereby removing illiquidity discounts and creating flexibility for the assets.
Issuers can use STP to execute the tokenisation of their assets. STP’s on-chain Compliance Validator ensures global compliance at all times, giving issuers various financing options: the liquidity of an IPO, the speed and efficiency of an ICO, and the compliance assurances of a regulated offering.
Retail investors will be able to access new STP-Standard token offerings through the mobile app as well as wealth management tools for managing their STP-Standard token holdings. This single platform for all STP offerings will help individuals find and invest in the right projects for them, while helping projects reach the right audience and grow their communities.
The STP token also enables new financial tools such as onchain crowdfunding, where investors access new offerings by sending STP tokens directly to a smart contract which automatically returns the new STP-Standard token to the investor.