Bye ICOs! Bittrex Announces First Initial Exchange Offering (IEO)

Malta-regulated cryptocurrency exchange, Bittrex revealed in an announcement today that it will follow the footsteps of Binance to launch its first Initial Exchange Offering (IEO) on March 15, 2019.

The featured project will be RAID, a blockchain gaming data startup that aims to reward gamers for providing data that helps the growth of gaming companies globally.

What Should You Know About The RAID (XRD) Token Sale?

  • On the announced date, March 15 at 10:00 a.m. KST Bittrex will allow its users to use Bitcoin (BTC) to purchase XRD, the native token of the RAID project
  • The value of the token during the sale is 1 XRD to 0.00000010 BTC ($0.00039) with the minimum purchase amount pegged at 30,000 XRD ($11.7).
  • The token sale is scheduled to end on March 18 when it reaches the hardcap of 17 billion XRD.

RAID’s co-founder Taesung Kim said in the announcement,

To have our IEO be the first of its kind on Bittrex International is a tremendous honor, considering their reputation and the highly selective process we went through to get here today.

Undoubtedly Bittrex’s decision to organize and Initial Exchange Offering (IEO) further highlights a growing trend in the crypto industry as exchanges join the quest to help projects raise money for their products.

Last week, Coinfomania reported the top crypto exchange, Binance, completed fundraising for Fetch.ai, the second project on the Binance Launchpad, a platform created for the sole purpose of conducting similar Initial Exchange Offerings (IEOs).

With Bittrex now joining the boat, it will come as little surprise if other crypto exchanges launch similar platforms in the coming months. If that eventually happens, then there is a big chance that the ICO winter will continue forever!

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