Blockstack Annual Report: Using a large number of tokens to pay marketing fees to crypto companies

Blockstack PBC submits its annual report to the US Securities and Exchange Commission (SEC). The report shows that the company uses a lot of tokens when paying for marketing activities to other cryptocurrency companies. For example, starting in February 2019, Blockstack made an undisclosed payment to Spartan Group, a Hong Kong-based crypto consulting firm. In October 2019, Blockstack issued another 14.5 million tokens for multiple non-US partners and service providers. Some of the tokens were sent to Binance, which included a refundable deposit of 500,000 USD and 2.5 million Stacks, as well as a three-year annual payment and marketing expenses of 100,000 USD. Previously Binance denied that these were listing fees. In addition, the documents show that Blockstack usually chooses to pay its employees, contractors and partners through Stack tokens. Blockstack also revealed that it controls over 450 million Stacks tokens, with a total supply of 630 million tokens, and most of the tokens have not yet been allocated.