Blockstack will pay liquidity provider GSR to trade its STX token
According to a recent SEC filing Blockstack has hired GSR Markets to provide liquidity for its STX token outside the U.S. Blockstack tokens were recently listed on Binance and institutional focused exchange HashKey Pro. The service, which leverages a proprietary trading bot to facilitate liquidity and provides Blockstack with trading reports, requires a setup fee of $100,000 and a monthly payment of $20,000 for six months.
Why it matters:
- Market making services are widely used in traditional markets to provide liquidity to traders looking to enter or exit positions. Yet, in crypto, these services have been considered taboo despite being used by exchanges and token projects.
- Blockstack’s choice to sell tokens through a regulated offering has given the public a unique view into how tokens are sold and listed on exchanges. Blockstack filings also show the project paid $250,000 for listing on Binance, another norm in traditional markets that has been questioned in crypto.
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