Blockstack Unlocks $25 Million After Launching the Stacks Blockchain
Blockstack, a project building a browser for decentralized applications on top of the Stacks blockchain, has unlocked approximately $25 million in funding from its December 2017 token offering after successfully launching its network.
Blockstack PBC unlocks ~$25M after successfully launching the Stacks blockchain (Milestone 1). We’re hiring! https://t.co/NKGWokEykw
— Muneeb (@muneeb) December 13, 2018
As of Oct 22nd, the Stacks blockchain was launched, marking the production deployment of the network. We monitored the network for several weeks and the independent Advisory Board met on Nov 14th. The board unanimously determined that Blockstack PBC successfully accomplished Milestone 1, unlocking the corresponding capital.
Last May, Blockstack launched a $1 million initiative to support blockchain developers to create truly decentralized social network alternatives. Blockstack, which is notably backed by the Winklevoss Twins, is investing in projects as long as they have a unique approach to building decentralized applications that preserve digital rights, privacy and user choice.
More recently, Blockstack partnered with Product Hunt, a Y Combinator-backed website that lets users share and discover new products, to bring Product Hunt’s proprietary ranking system to Blockstack’s App Mining algorithm.
All eyes are now on the second milestone, which is tied to reaching 1 million users on the network.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.