Student Coin, a crypto project founded in 2019 by students from Kozminski University in Warsaw, Poland, has decided to wind down its primary operations and initiate a token redemption process. This decision comes as the project transitions its focus towards new ventures to protect the interests of STC token holders.
The project, which initially aimed to explore blockchain applications in academia, quickly expanded to reach over 15,000 students at more than 500 universities by the end of 2020. Student Coin introduced various products like the STC Wallet, STC Terminal, STC Academy, and Coinpaper to support blockchain education and community engagement.
Despite experiencing growth with over 200,000 users after the success of the 2021 STC Launchpad, Student Coin faced challenges such as legal obstacles, university resistance, and the collapse of major exchanges. These challenges impacted the project’s operational outlook, leading to the decision to phase out products like the STC Terminal and STC Academy.
The token redemption program began on April 9, 2024, with an initial window for STC Wallet users and a deadline for redeeming tokens via redemption request on October 9, 2024. On-chain token holders have until April 9, 2029, to redeem their tokens, ensuring ample time for the redemption process to be completed. Users must transfer tokens to a designated burn address to receive USDC back to the address.
Established redemption prices range between $0.006 and $0.0137 per STC Token, with factors like purchase price, purchase date, token holdings, and participation in programs influencing the final redemption value. The tiered system rewards early supporters and active participants in the Student Coin ecosystem.
Student Coin, founded in 2019 by university students in Warsaw, Poland, aimed to utilize blockchain technology for educational and community-building purposes. With a global community of over 200,000 users, the project introduced products like the STC Wallet, STC Terminal, STC Academy, and Coinpaper to provide accessible blockchain education and tokenized solutions. As the project winds down, the team promises to support the community through a comprehensive token redemption program and explore new initiatives in the crypto media sector.
