This article has been updated to note that the IEO was held on Bittrex International, rather than Bittrex.

A token sale for Standard Tokenization Protocol (STP) raised $750,000 and sold out within eight seconds, a news release claimed on June 11.

The project says it offers an open-source, decentralized standard for the tokenization and issuance of any asset.

Following the initial exchange offering (IEO,) which was held on Bittrex International, STP founder Mike Chen said:

“We are excited to move forward with implementing a powerful funding mechanism for other companies that could potentially save billions in funding costs while staying fully compliant in any jurisdiction.”

As well as being collected as fees and used for gas to help pay compliance validators, STP says its tokens can be staked and “fuel an incentivized governance model that keeps validators efficient and honest.”

A total of 75 million STPT tokens were sold during the IEO. As reported by Cointelegraph last month, Standard Tokenization Protocol earlier raised $7 million through two private rounds led by prominent venture capitalists.

Also in May, rival company Tokenized launched a protocol enabling businesses to create tokens for real-world assets including shares, admission tickets and memberships on the Bitcoin SV (BSV) blockchain.