Bittrex announces they will host first ever Initial Exchange Offering

Exchange by Blockspectator News  | 1 year ago
2 min read

In surprising news cryptocurrency exchange Bittrex has announced that they will be hosting their very own token Initial Exchange Offering.

Following the success of Binance Launchpad, it seems other exchanges have appeared to take note and started to introduce their versions of hosting IEO’s.

Huobi Global are soon to announce the official launch of their platform ‘Huobi Prime,’ and now it seems that Bittrex has joined the list of exchanges in joining Binance.

An official statement released via their website read that the IEO will officially start at 10:00 AM KST on Friday 15th March.

The project in question will be RAID and their XRD token. RAID is an international gaming data blockchain project being used to develop new technologies that reward gamers for sharing data that fosters improvements, marketing and new business development for gaming companies.

Only authorized Bittrex users will be able to purchase XRD tokens using Bitcoin (BTC) directly from the Bittrex exchange.

Bill Shihara of Bittrex International stated:

“We are committed to increasing adoption and moving the blockchain revolution forward. The ability for projects like RAID to innovate, advance, and promote the gaming industry on our platform is a game changer for all involved.”

The IEO will have a hardcap of 17 billion XRD ($6 million) and have minimum individual limits of 30,000 XRD ($10) and maximum limits of 57 million XRD ($20,000).

Binance Launchpad has most recently held sales of the Fetch.AI and Origi Network sales on their Launchpad, and it seems their success has now started a new trend within the industry.

Whether this is an opportunistic move by Bittrex aimed at riding on the tail of Binance’s success or if it’s a shrewd introduction with substance to it- is yet to be seen.

However, along with Huobi Prime, there is sure to be a fair amount of skepticism within the crypto community of the chances for success on any IEO’s hosted on the Bittrex platform.