Bittrex, one of the major crypto exchange platforms in the world just recently made an announcement that it will be hosting its first Initial Exchange Offering (IEO) For RAID (RDX) token. According to Bittrex.zendesk.com, both RAID (an international gaming blockchain project) and Bittrex International made the announcement on March 11th this year.
Reportedly, the IEO will be used by RAID to develop new technologies aimed to reward gamers for sharing data that supports marketing improvements as well as new business developments for gaming companies across the globe. According to the company’s official blog post, the company aims to raise around $6 million with a 17 billion XRD as hard cap for the IEO. RAID’s Co-founder Taesung Kim, sees this IEO as the lead towards ‘’making a more transparent gaming data ecosystem, and the businesses needed to achieve it, a reality.”
If the hard cap is reached, the 17 billion XRD will represent a total of 17% of XRD’s total supply. All the tokens will be issued by ONERAID, a company from Singapore. The exchange is deciding to offer 1 XRD at the cost of 10 Satoshi, whilst setting a minimum purchase of $10 and a maximum of $20,000. The Bittrex IEO is set to start tomorrow at 10:00 AM KTS.
Users will be able to buy XRD tokens directly on Bittrex International using Bitcoin (BTC).
Is Bittrex IEO Similar to the Binance Launchpad?
Well, it’s true that the crypto market is currently quite bearish, but, this doesn’t stop crypto exchange companies from taking new growth trends. Unlike Initial Coin Offerings (ICOs), IEOs are led by the registered crypto exchange. Basically what this means is that, a projects token sale is hosted by an exchange rather than the project itself. IEO are therefore very secure.
In as much as the Bittrex IEO appears similar to the Binance Launchpad, it doesn’t pose as a competition to Binance exchange. Binance’s CEO, Chanpeng Zhao, famously known as CZ postern a tweet on social media expressing his excitement on Bittrex’s IEO announcement.
‘’Glad to see more joining the club, we firmly believe blockchain fundraising is the killer app. Let’s use it to help our entrepreneurs and #BUIDL our #crypto industry, and other industries after that. (happy to promote a peer to grow the industry)’’ CZ tweeted.
Crypto Is Coming!