Bittrex Reinvents the ICO: “Initial Exchange Offering,” Launches $6M Token Sale

Bittrex International, a US-based cryptocurrency exchange headquartered in Seattle, revealed that it will be hosting the very first Initial Exchange Offering (IEO) fof RAID’s XRD token later on this month. According to the business’s main article, the difficult cap for the IEO is 17 billion XRD, with the business intending to raise around $6 million.

Bittrex To Host First Ever Initial Exchange Offering

< img class="size-full wp-image-99184" src="" alt="" width ="1200"height="421"srcset=" 1200w, 300w, 768w, 1024w "sizes="( max-width: 1200px)100vw, 1200px"/ > Source: Bittrex Twitter The existing bearish market is requiring blockchain and crypto business to adjust to a hostile market environment by creating brand-new methods to raise both loan and awareness.

Following in the steps of Binance’s Launchpad, Bittrex International, the worldwide arm of US-based crypto exchange Bittrex, has actually revealed that it will be hosting an Initial Exchange Offering (IEO) later on today.

Unlike a conventional Initial Coin Offering (ICO), where the business or designers mint brand-new tokens to get direct contributions from consumers, an IEO has a cryptocurrency exchange function as the counter-party. This enables brand-new business to use the user base of exchange and reach a broader audience, in addition to make sure openness and avoid rip-offs.

According to the main statement released on Mar. 11, Bittrex International will host the IEO of RAID’s XRD token. The preliminary exchange offering will be utilized by RAID, a South Korean video gaming information blockchain task, to establish brand-new innovations that reward players for sharing information that cultivates enhancements, Bittrex stated in its release.

IEO, a Big Step Both for Bittrex and RAID

Bittrex’s IEO is arranged to begin at 10:00 am KST on Mar. 15th and will have a tough cap of 17 billion XRD. If the tough cap is reached, the 17 billion coins will represent 17 percent of XRD’s overall supply, raising the business approximately $6 million. All of the tokens will be released by ONERAID, a Singaporean Company, the business stated in the release.

Taesung Kim, among the creators of RAID, stated that having the business’s IEO be the very first of its kind on Bittrex was a “significant honor,” including that the business saw this as a vote of self-confidence in their vision.

Expense Shihara of Bittrex International was similarly positive about the job, stating that the exchange was dedicated to increasing adoption and moving the blockchain transformation forward. He included that this represents an essential advancement for their customers.

“Now our worldwide users have direct access to blockchain jobs with the comfort that originates from Bittrex International controlled in Malta,” Shihara stated in the business’s release.

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