The open-source tokenization firm, Standard Tokenization Protocol (STP) issued a press release on May 29th. In the release, the company described how it raised $7 million in private funding to date. Now, STP wants to take transparency in the tokenization sector to the next level.
Private Crowdfunding Events
According to a recent press release, Standard Tokenization Protocol hosted two private STOs. The first event secured $5 million in funding from a combination of investors. Company officials specifically mentioned Neo Global Capital, AlphaBit, and BlockVC – all major players in the space. Also, many of these venture capitalists participated in the second crowdfunding round as well. That round managed to secure an additional $2 million for the startup.
In both instances, investors purchased Standard Tokenization Protocol’s STPT token. STPT tokens are compliant security tokens. Interest in the STP platform continues to grow as the benefits the firm offers are impressive. Speaking on these capabilities, the company’s CEO, Mike Chen, explained how his firm “can save billions of dollars for companies and startups” and that’s just the beginning.
Notably, Chen took a moment to describe how the current IPO price structure is prohibitive towards small companies. Many of these businesses are unable to afford high priced securities lawyers, accountants, and investment bankers. STP seeks to remove these roadblocks through tokenization. Consequently, more companies can attain funding because STOs cost a fraction of IPOs. Additionally, they allow for more investor participation.
Standard Tokenization Protocol via Homepage
A World Full of Tokens
The STP Network’s unique protocol allows businesses to tokenize any asset. These token’s use a combination of features to ensure compliance across its lifecycle. Also, the platform integrates an On-chain validator to ensure that all tokens meet region-specific regulations. This strategy enables STP to operate globally with confidence.
Standard Tokenization Protocol Features
The STP platform integrates an automatic dividend distribution protocol. Periodically, Investors receive dividends via the execution of a smart contract. Importantly, his feature simplifies the STO process further by automating the back-end of the investment vehicle.
Partnerships
Standard Tokenization Protocol continues to see its positioning expand. Today, the hugely popular crypto exchange Bittrex International announced a strategic partnership with the firm. Interestingly, Bittrex will host STP’s Initial Exchange Offering (IEO) in the coming weeks. Unlike previous rounds, this IEO will be open to the public.
STP
Standard Tokenization Protocol has offices across Southeast Asia with a major headquarters in Singapore. The company’s founder is listed as Sinhae Lee. Ms. Lee is one of the leading female crypto specialists. She speaks at numerous blockchain events yearly. Her next appearance is at the Asia Blockchain Summit. Not surprisingly, the firms CEO, Mike Chen, is also well known in the blockchain sector. He is also the CEO of Block72.io
Standard Tokenization Protocol Steps into the Arena
STP seems to have the right strategy as there is definitely a place for this transparency-based platform in the current crypto climate. Be prepared to see some major tokenization projects from this firm in the coming months. The project is led by an experienced team of heavy hitters that are in tune with the desires of large scale investors. You can expect that this experience will help to fast track the STP platform towards success.
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