Initial Exchange Offering: Bittrex International Follows Binance to Start IEO
Bittrex is launching its first Initial Exchange Offering to sell XRD tokens by RAID to users of Bittrex International.
Following Binance’s lead, Bittrex International, a prominent Malta-based crypto exchange, is now launching its first Initial Exchange Offering (IEO), giving users a chance to purchase XRD tokens, issued by the RAID project, directly from the exchange.
While Initial Coin Offerings saw a decline in popularity across 2018, this year we are witnessing a resurgence, largely led by renowned crypto exchange operators, Binance and now Bittrex.
Some of the key hurdles for projects to raise funds via token sales were lack of trust in the system, delays in token distribution and lack of liquidity via exchange listings. Now, with major exchanges becoming the middlemen, some of these issues appear to be resolved and investors are showing increasing interest.
Binance kick-started the trend with Binance Launchpad, which hosted GIFTO and BREAD sales in late 2017, but the platform gained major hype this year with the BitTorrent and Fetch.Ai sales, where the latter managed to raise $6M in 10 seconds.
According to the official announcement by Bittrex,
“the Bittrex International digital asset trading platform will host the upcoming Initial Exchange Offering (IEO) of RAID’s XRD token”.
The token sale will begin at 10:00 a.m. KST on Friday, March 15th and has a hard cap of nearly $6 million, with the minimum purchase of roughly $10 and maximum purchase per account of $20,000.
As per the project brief,
“RAID is a project that aims to have game data circulated transparently by applying blockchain technology. RAID is vitalizing the game data industry with OP.GG, the largest game data company as well as the first partner, by imbuing the improved efficiency into the existing game market”.
Verified Bittrex International users will be able to login to their accounts to participate in the token sale via BTC.
Meanwhile, commenting on the development, Binance CEO Changpeng Zhao Tweeted in support of the new initiative by Bittrex. He termed fundraising via blockchain to be a ‘killer app’ and believes that such initiatives will support entrepreneurs and the crypto industry.