The Securities and Exchange Commission on Wednesday cleared blockchain startup Blockstack to sell bitcoin-like digital tokens, a first-of-its-kind offering that could give young cryptocurrency businesses a new fundraising template.

The SEC approved the $28 million offering under Regulation A+, an alternative to an initial public offering meant to help fledgling businesses raise capital, a lawyer for Blockstack said. The company plans to begin selling the tokens to the public Thursday through a website created for the offering.

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