By
Godfrey Benjamin
April 12th, 2024
Bittrex has partnered with Standard Tokenization Protocol to enhance its position in the rapidly growing IEO race which proves to be the next big crowdfunding method in the crypto industry.
It is confirmed that Bittrex has now officially joined the IEO race. The exchange announced that it will host the initial offering of STP or Standard Tokenization Protocol on its Bittrex International Platform. Initial Exchange Offerings are similar to ICOs but they are administered by an exchange. The entrance of Bittrex into the world of IEOs shows that this crowdfunding model is rapidly gaining popularity.
As more exchanges join the nascent investment opportunity, IEOs are proving to be a major source of new capital for the crypto industry. Mike Chen, the STP CEO, said that the protocol can unlock ‘trillions’ of dollars in value. Thus, trade and token issuance will become easier. He announced that:
“The cost-prohibitive nature of traditional funding methods has led to a rapidly increasing demand for solutions that simplify asset offerings. STP is in a unique position to save billions of dollars for companies and start-ups that cannot attain funding due to the costs involved with hiring security lawyers, accountants, and investment banks.”
Chen also suggested that the project has the potential to enhance the entire crypto economy. It will improve the economy by making it easier to move value while minimizing illiquidity premiums. He said:
“Initially, Block72 set out to support the crypto ecosystem by helping blockchain projects around the world. But projects are only half the equation. With the launch of STP, we now have the ability to fulfill the needs of crypto users worldwide, as well as projects.”
STP Can Tokenize Everything
STP is believed to be a blockchain of all things. It is the latest among many products aiming to revolutionize many other industries by making it possible to ‘tokenize any asset.’ As we published earlier, STP’s platform will allow for the compliant and transparent tokenization of any asset.
It would prove beneficial since an easily readable asset portfolio would appear better to any bank compared to all sorts of random documents. If it succeeds, people will see less need for bank accounts which will prompt banks to work harder to attract business. The STP will let people take more than just their money.
Anybody owning houses, cars, jewelry, and anything else that would benefit from insurance cover, can carry it with them just like crypto. This strategy can work for things like gold bars. In the end, such things might be stored in blockchain-enabled vaults.
Ownership can change hands many times. However, the goods can only be picked by the person with the key issued for the lock. That is what can be traded. In the meantime, however, the third-party service can authenticate the contents of a locker.
STP Sale
The sale of STP starts at 10 AM EDT on Tuesday, June 11th. It will continue for 24 hours or until all tokens are sold. STP targets $750,000 from the sale with individual contributions capped at around $2,500.
75 million tokens are allocated for the sale with the maximum supply of the STPT coins set at 2 billion.
Bittrex has already launched other token sales in the past with mixed success. The first IEO was RAID. It was canceled after the termination of key partnership. Ocean Protocol IEO was considered a flop after the token price collapsed, although it has so far recovered considerably.