STK has closed its Token Generation Event after successfully reaching its hard cap of $17MM more than a month prior to its scheduled public sale.
After adjusting private and pre-sale contribution allocations for the recent increase in ETH, the pool of remaining tokens was too small to host an equitable public sale, based on projected demand from the STK community now more than 20,000 strong.
Instead, STK completed the sale with private and pre-sale contributors, and will issue an airdrop of tokens to eligible community members in January, 2018.
“The overwhelming response to our Token Generation Event validates the demand for cryptocurrency payments at point of sale,” said Nicolas Dinh, spokesperson for STK. “We’ve built an incredible community of advocates who will be among the first to hold STK tokens through our airdrop as a show of gratitude for their ongoing support.”
The public sale launch, scheduled for January 31 will now serve as the airdrop date during which up to 1,250,000 STK tokens will be provided to eligible community members who were subscribed to any of STK’s social channels by 5:00 p.m. UTC on December 29, 2017.
Funds raised from the Token Generation Event will support an aggressive development and execution timeline, aiming for the first instance of cryptocurrency payments at point of sale in Canada later this year.
“STK token holders will benefit from an accelerated development timeline as we onboard new development resources more than a month ahead of schedule,” said Dinh. “We’re confident we’ll be the first mass-market solution for instant cryptocurrency payments in North America.”