Student Coin Announces Token Redemption following Operational Halt
Educational crypto project, Student Coin has announced a structured token redemption process following the decision to shut down its primary operations.
Originally launched in 2019 by undergraduates from Kozminski University in Warsaw, Poland, the project began as a student-focused initiative to explore blockchain applications in academia.
As the project shifts its focus to other areas of the venture, it seeks to protect the interests of STC token holders by opening a window for token claims. Before winding down, Student Coin had reached over 15,000 students at more than 500 universities by the end of 2020.
The project offers many products, including the STC Wallet, STC Terminal, STC Academy, and Coinpaper, which support blockchain education and foster community engagement.
However, it has faced several challenges, including legal cases, university resistance, and the collapse of major exchanges such as FTX. These led to its shutdown shortly after its successful launch in 2021 and reaching a user base of over 200,000.
The project also struggled to scale its STC Wallet as a multi-functional exchange, and attempts to expand the STC Terminal were met with resistance from institutions wary of token-based applications.
The difficulty has increased up to 2023, forcing the team to phase out products such as the STC Terminal, STC Academy, and others. Based on this decision, the team offers STC token holders an opportunity to redeem their tokens.
Consequently, STC token holders are to receive a fair distribution of the remaining project funds as compensation, ensuring that those who have been with the project from the start and actively engaged with the Student Coin ecosystem are favored.
Redemption prices range from $0.006 to $0.0137 per STC Token and are tailored to individual user profiles. Factors such as purchase price, purchase date, token holdings, and participation in programs like the Premium Program will be considered in determining the final value per token.
How to redeem STC tokens
The redemption program began on April 9, 2024, and closed on June 9. While the second redemption for wallet holders closed on October 9, 2024, marking the closure of the STC Wallet, on-chain token holders have time until April 9, 2029, to redeem their tokens.
This gives the project enough time to shut down on-chain support and ensures that token holders have sufficient time to redeem their tokens. On-chain holders can transfer tokens to a designated burn address. Users should expect a processing time of up to three months to receive the USDC back to the address.
Token holders are to note that USDC can only be sent to the address that burned $STC. Furthermore, it is extremely important to remember that users cannot send $STC to the burn address directly from an exchange, as they would lose all of their funds.
Read more: https://zycrypto.com/student-coin-announces-token-redemption-following-operational-halt/
Text source: ZyCrypto
