- OKCoin, a major crypto exchange platform, has announced the listing of Stacks token (STX)
- STX will bring smart contracts as well as decentralised finance (DeFi) applications to Bitcoin (BTC)
- SEC approved tokens will now be accessible for trade to investors based in the U.S.
STX Will Allow Developers To Build On Bitcoin
OKCoin, a major crypto exchange based in San Francisco, has announced the enlistment of Stacks token (STX) on its platform. This development took place after the launch of Stacks 2.0 mainnet. Stacks, which was previously known as Blockstack — an open-source network for building decentralized applications — has an aggressive vision to integrate smart contracts and decentralized finance (DeFi) within the Bitcoin (BTC) network. Meanwhile, Stacks 2.0 is being depicted as a layer-one blockchain which will support a local extension to Bitcoin. The toolkit of this token is backed by the Clarity smart contract language, which is a joint open-source venture supported by Algorand as well as Blockstack.
The dispatch of Stacks 2.0 is significant for various reasons according to the perspective shared within the crypto industry. It allows the extension of Bitcoin’s scripting language, which will permit the development of smart contracts and other innovative tools on top of the blockchain. Along with this, in the process of bringing more use cases to Bitcoin, Stacks 2.0 might actually weaken the offers provided by contending blockchains. This could ensure the current predominance of BTC as the world’s biggest digital currency and blockchain network.
Excluding Europe, Brunei and Singapore, STX will be available for trading in numerous international markets. The vision for Stacks and OKCoin align in their profound obligation to maintain consistency and their endeavour to provide security to clients. OKCoin is assuming a vital responsibility of supporting STX complete its noteworthy compliance venture, giving U.S. based buyers auxiliary market access to the token in the form of non-securities. The exchange will likewise facilitate an all-in-one resource for the Stacks ecosystem by empowering STX holders to partake in the novel Stacking capacity, giving an altogether better approach to procuring bitcoin in a safe and secure manner.
Noteworthy Moment For STX Listing of OKCoin
As per the Stacks Foundation, this layer-one blockchain’s methodology gives another way of procuring Bitcoin when it is hard to gain — in the midst of speculations that BTC is setting out toward supply squeeze in light of expanding levels of institutional appropriation.
The listing of STX on OKCoin comes weeks after Blockstack PBC — presently known as Hiro PBC — shared the synopsis of a legal memorandum supporting the discussion and plans for STX being excluded as a security under U.S. law once the Stacks 2.0 mainnet was introduced. This decision follows a Reg A+, SEC-approved token offering of STX and a simultaneous strategic round in Asia conducted in September 2019, which led to raising $23 million.
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