The IEO arms race is getting tighter: Bittrex International has just announced its next initial exchange offering, the Standard Tokenization Protocol. The continuing popularity of the crowdfunding model across multiple exchanges is proving to be a significant source of new capital for the cryptocurrency industry.
The Standard Tokenization Protocol, or STP, is a decentralized network that allows any asset to be tokenized. But unlike other token platforms, compliance, validation and KYC/AML functions are built directly into the blockchain—allowing issuers to guarantee that everyone holding their token is following the rules of their jurisdiction.
STP CEO Mike Chen announced that the protocol could unlock “trillions” of dollars in value, by making it easier to trade and issue tokens.
“The cost-prohibitive nature of traditional funding methods has led to a rapidly increasing demand for solutions that simplify asset offerings,” said Chen, in an announcement. “STP is in a unique position to save billions of dollars for companies and startups that are unable to attain funding due to the costs involved with hiring security lawyers, accountants, and investment banks.”