Place/Date: - June 28th, 2019 at 1:00 am UTC · 3 min read
Contact: STP Network, Source: Standard Tokenization Protocol
Standard Tokenization Protocol, a globally compliant open-source standard and decentralized network for the tokenization and issuance of any asset, announced today the launch of a new “Proof of Business” (PoB) program that will enable companies to stake STPT tokens and earn staking rewards.
Through STP Network’s PoB program, any company or project in the blockchain industry can participate by locking up STPT tokens in a publicly displayed contract address for a set amount of time while earning staking rewards and benefits such as access to the company’s overall ecosystem of blockchain projects, funds, media partners, and service providers.
Block72, a global investment bank for digital assets, has been revealed as the inaugural partner to join STP Network’s PoB program. Starting today, Block72 will begin to attribute a percentage of its revenue from new client contracts to purchasing STPT tokens. The tokens purchased will be locked up for the duration of the client contracts in a public address that will be displayed on the STP Network website for anyone to view.
To start, the company says it will kick off the participation by locking up $1 million USD worth of STPT tokens over the next several days and posting the contract address on the website for public transparency.
Mike Chen, founder and CEO of Block72 said:
“We have been deeply involved with the STP project and are big believers in its potential to become the global standard for tokenized asset issuance and transfers. Launching on the PoB program further strengthens the alignment between Block72 and STP Network, and in the long-term, we aim to integrate the STPT token as an incentive alignment mechanism within our ecosystem of media partners, funds, token projects, and growing global community.”
STP Network launched a decentralized platform for digital asset issuance powered by the STPT token that ensures the compliant offering of tokenized assets. After raising $7 million USD from prominent investors in two private rounds of financing, STP secured an additional $750,000 through an Initial Exchange Offering on Bittrex earlier this month.
Block72 is a global digital asset investment bank specializing in blockchain and distributed ledger technology. The team is led by senior management from top global investment banks and management consulting firms such as McKinsey & Company, Ernst & Young, and HSBC. They work closely with promising blockchain projects around the world from their primary offices in San Francisco, New York, Beijing, Shanghai, and Seoul.
Standard Tokenization Protocol is an open-source standard defining how tokenized assets are issued and transferred while complying with all necessary regulations at the token level. Standard Tokenization Protocol allows digital assets to become fully compliant across jurisdictions and transferable across any platform.