The start-up spent almost a year to ensure they met the SEC qualifications[1] and consequently raised another $15.5 million in capital from the token offering.
[3] Due to this, the Stacks token could no longer be viewed as a security under SEC Regulation A+ qualifications and filed an exit report.
[4][3] At its inception, Blockstack aimed to offer solutions to the problems of internet privacy, security and data breaches (especially in cloud storage).
[3] By using the decentralized security Bitcoin offers, an user would receive digital private keys to create their internet identity on the Blockstack network.
[12] As of March 2023, Bloomberg was reporting that CityCoin was facing a "quiet demise" as liquidity issues and a lack of interest caused both the New York City and Miami coins to be delisted from the OkCoin cryptocurrency exchange.