- OKCoin will enable STX holders on OKCoin to earn bitcoin rewards by supporting the Stacks network via ‘Stacking’
United States, Dec. 9, 2020 /AlexaBlockchain/ – OKCoin, the global, U.S. licensed, fiat-focused crypto asset exchange, today announced the upcoming listing of Blockstack’s Stacks token (STX) upon the Stacks 2.0 mainnet launch expected January 14.
OKCoin is the first exchange in the U.S. to support the trading of STX as non-securities and will be hosting an upcoming airdrop of STX tokens to OKCoin users. More information can be found at stx.okcoin.com.
This listing announcement comes on the heels of Blockstack PBC sharing a summary of a legal memorandum on December 7 supporting its plans for STX to no longer be considered a security under U.S. law after the launch of the Stacks 2.0 blockchain. This follows a first-of-its-kind Reg A+ SEC-qualified token offering of Stacks and concurrent Asia strategic round in September 2019 where it raised $23M.
Upon launch of the Stacks 2.0 mainnet, OKCoin customers in the US and international markets (except EU, Singapore and Brunei) will be able to purchase and trade STX on OKCoin as well as earn bitcoin by locking their STX to the network and actively participating in consensus – a process known as ‘Stacking’. OKCoin will make this an easy and seamless experience for all STX holders via their OKCoin wallet, allowing users to join with one-click and pool options for users who possess below the minimum amount of STX needed to participate.
Hong Fang, OKCoin CEO, said:
“We are very excited to be the first US regulated exchange to list the Stacks cryptocurrency (STX) after it launches its mainnet. “Our two teams have a lot in common: We share a deep passion for building a user-owned internet and a strong conviction in the Bitcoin network as a foundation for that future. OKCoin was started to give people control over their own financial life and assets, while the Stacks ecosystem aims to do the same for user data. Providing investors with access to STX with compliant and easy fiat on-ramp plays an important role in fueling the STX ecosystem to help build that future this industry set out to create.”
Muneeb Ali, CEO and Co-founder, Blockstack PBC, said:
“This is an unprecedented moment for the Stacks cryptocurrency, as US markets open up with the new decentralization legal framework. OKCoin was the perfect fit to be the first to list STX in the U.S. OKCoin is a top exchange for fiat on-ramps and their efforts to build a responsible financial ecosystem for digital currencies align closely with our own commitment to compliance and helping mature the industry.”
The Stacks community and OKCoin share a deep commitment to compliance, protecting users, and overall industry maturation. OKCoin is playing a key role in helping STX complete its historic compliance journey, giving U.S. based purchasers secondary-market access to STX as non-securities for the first time. Along with some of the lowest fees in the industry and direct fiat-to-crypto pairs for traders, OKCoin will also act as a one-stop shop for the stacks ecosystem by enabling STX holders to participate in the novel Stacking function, providing an entirely new way to safely and securely earn bitcoin.
The summary is of a memorandum issued by Blockstack PBC’s independent outside securities counsel, Wilson Sonsini Goodrich & Rosati, PC (WSGR), and outlines how the anticipated change of status will permit U.S. persons to trade Stacks tokens on non-securities exchanges. As one of the largest, most widely-used digital asset exchanges, OKCoin’s dedication to compliance along with the willingness to explore an asset with a first-of-its-kind path through securities regulation like STX, is invaluable to the industry at-large.
OKCoin is planning a STX airdrop around the launch of the Stacks 2.0 mainnet. Interested users can join the waitlist for the STX airdrop at stx.okcoin.com. Separately, Blockstack PBC and OKCoin will be collaborating on STX marketing campaigns and events between now and the launch. Further information about the Stacks 2.0 launch event will be shared in the coming weeks – those interested can register at stacks2.com.
About OKCoin
Established in 2013, OKCoin is a global cryptocurrency exchange regulated in the U.S. and other operating jurisdictions that enables customers to easily transition between crypto and fiat currency with industry-low fees. OKCoin’s advanced features provide a reliable, secure and frictionless trading experience, supporting customers across 184 countries to trade Bitcoin, Ethereum, and more crypto assets using multiple currencies including the US dollar, euro, and Singapore dollar. OKCoin is a registered money services business (MSB) with the Financial Crime Enforcement Network (FinCEN). Headquartered in San Francisco, California, OKCoin has offices in Hong Kong, Singapore, Malta and Japan.
About Blockstack PBC/Hiro Systems PBC
Blockstack PBC, soon ‘Hiro Systems PBC’, is an entity within the Stacks Ecosystem which is dedicated to building a user-owned internet on Bitcoin. Hiro will focus on providing tools for developers that are building secure apps and smart contracts on Bitcoin using the soon-to-launch Stacks 2.0 blockchain. The new blockchain design unlocks innovation on Bitcoin for the first time via Proof-of-Transfer, a novel consensus mechanism. Stacks cryptocurrency was distributed to the general public through, among other things, the first-ever SEC qualified token offering in US history.
Blockstack PBC is headquartered in NYC with employees and community members around the world, and is backed by Union Square Ventures, Y Combinator, Lux Capital, Naval Ravikant, SV Angel. Blockstack PBC also conducted token offerings of $70M to bootstrap the Stacks ecosystem.
SOURCE: OKCoin
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