Student Coin, 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 Kozminski University in Warsaw, Poland, Student Coin began as a student-focused initiative 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, Student Coin 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, all of which impacted its operational outlook.
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 redeeming $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 from the start and actively engaged with the Student Coin ecosystem.
Image: STC token’s historical price index along with the major events affecting its fluctuations.
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.
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.
For more information, please visit StudentCoin.org.
ContactCoinpapercontact@coinpaper.com
This article was originally published on Chainwire
Source: Cryptocurrency - investing.com
