The Good Tech Companies - Student Coin Announces Comprehensive STC Token Redemption Following Operational Shutdown

Starting point is 00:00:00 This audio is presented by Hacker Noon, where anyone can learn anything about any technology. StudentCoin announces comprehensive STC token redemption following operational shutdown. By Chainwire. New York, United States of America, October 29, 2024, Chainwire, StudentCoin, an educational crypto project established in 2019, has initiated a structured token redemption process following the decision to wind down its primary operations. This move aims to protect the interests of STC token holders as the team transitions its focus towards new ventures. Originally launched by undergraduates from Kosminski University in Warsaw, Poland, StudentCoin began as a student-focused initiative

Starting point is 00:00:42 designed to explore blockchain applications in academia. The project quickly expanded, reaching over 15,000 students at more than 500 universities by the end of 2020. Throughout its development, StudentCoin introduced various products, including the STC Wallet, STC Terminal, STC Academy, and Coinpaper, which supported blockchain education and fostered community engagement. Following the success of its 2021 STC Launchpad, the project experienced continued growth, culminating in a user base of over 200,000. However, as the crypto market evolved, the team faced challenges ranging from legal obstacles and university resistance to the collapse of major exchanges,

Starting point is 00:01:30 all of which impacted its operational outlook, challenges and strategic reassessment despite significant milestones, StudentCoin encountered mounting difficulties in achieving its goals. Efforts to scale the STC wallet as a multifunctional exchange faced legal risks and the collapse of exchanges like FTX Forced or Ethinc. Attempts to expand the STC terminal were met with resistance from institutions wary of token-based applications. By 2023, it became evident that scaling $STCTO meet its desired utility and market value was increasingly difficult. After careful consideration, the student coin team opted to phase out products such as the STC Terminal, STC Academy, and other initiatives. This decision reflects the company's intention to act responsibly by

Starting point is 00:02:11 redeeming dollar STC tokens instead of continuing with limited prospects for growth. The decision was made to distribute all remaining project funds between token holders, ensuring that through winding down the token, everyone receives fair compensation based on their individual situation. The established redemption prices range between $0.006 and $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 influence the final redemption value. This tiered system rewards those who have been with the project

Starting point is 00:02:50 from the start and actively engaged with the student coin ecosystem. Image. STC tokens historical price index along with the major events affecting its fluctuations. STC token redemption process student coins token redemption program began on april 9th 2024 with an initial window for stc wallet users that closed on june 9th an additional deadline for redeeming tokens via redemption request on october 9th 2024 marks the closure of the stc wallet while on-chain token holders have time until april 9th 2029 to redeem their tokens this extended timeline accommodates the shutdown of on-chain support and ensure sample opportunity for token holders to complete the redemption process. On-chain holders can transfer tokens to a

Starting point is 00:03:36 designated burn address. Users should expect a processing time of up to three months to receive the USDC back to the address. Keep in mind that USDC can only be sent to the address that burned $STC. Users cannot receive USDC at any other address. 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 the detailed on-chain burn procedure. About StudentCoin Founded in 2019 by a group of university students in Warsaw, Poland, StudentCoin sought to harness blockchain technology for educational and community building purposes. Initially targeting students and academia, the project grew to encompass a global community of over 200,000 users and introduced products such as the STC Wallet, STC Terminal,

Starting point is 00:04:26 STC Academy, and Coinpaper. Focused on accessible blockchain education and tokenized solutions, StudentCoin rapidly expanded to more than 500 universities worldwide. As the project wins down, the team remains committed to supporting the community through a comprehensive token redemption program and plans to pursue new initiatives in the crypto media sector. For more information, please visit studentcoin.org.contactcoinpapercontact at coinpaper.com. Tip This story was distributed as a release by Chainwire under HackerNoon's business blogging program. Learn more about the program here. Thank you for listening to this HackerNoon story, read by Artificial Intelligence. Visit HackerNoon.com to read, write, learn and publish.

The Good Tech Companies - Student Coin Announces Comprehensive STC Token Redemption Following Operational Shutdown

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