Bittrex announces first ever Initial Exchange Offering (IEO)

Bittrex exchange has announced that it will be performing its first ever Initial Exchange Offering (IEO) this month with the launch of RAID’s XRD token. 

In a recent blog post, Bittrex announced that verified Bittrex International Users will be able to purchase tokens at a fixed cost directly from the issuer on the platform.

The upcoming IEO will see RAID being the first ever IEO on the Bittrex platform. RAID is an international gaming data blockchain project, with the goal to create a decentralized game data ecosystem where data can be freely exchanged among users. The company is also looking to include advanced game marketing, gama data analysis and game distribution platforms on the blockchain.

The official start of the IEO is set for March 15, 2019 at 10:00 AM KST time. 

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Bill Shihara, founder of Bittrex commented on the launch of IEO’s on Bittrex, saying “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,”

Shihara also stated that international users will have peace of mind knowing that the project is backed by Bittrex International, which is regulated in Malta. 

RAID’s co-founder Taesung Kim spoke about the project being the first IEO on Bittrex, stating “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, We, along with our core partner OP.GG, view this as a vote of confidence in our vision for this project and the gaming industry. This IEO will be crucial to making a more transparent gaming data ecosystem, and the businesses needed to achieve it, a reality.”

 Read more: Bittrex leads $1.5m seed round for South African crypto exchange VALR

RAID’s XRD token will be looking to raise $5.95 million by selling 17 billion tokens. Bittrex has set a minimum purchase of $10, with a maximum of $20,000. The price of 1 XRD will be offered at 10 satoshis (0.00000010 BTC) 

RAID’s XRD IEO details: 

Hard Cap

17,000,000,000 XRD (~5,950,000 USD) 

Total Token Supply

100,000,000,000 XRD 

Token Sale Price

0.00000010 BTC 

Vesting Period

No vesting period / No lockup 

Per Account Maximum Purchase Amount 

57,000,000 XRD (~20,000 USD) 

Per Account Minimum Purchase Amount 

30,000 XRD (~10.5 USD) 

Currencies accepted 

BTC 

Token Type 

ERC-20 

Token Distribution 

Within 14 days after token sale ends 

Token Sale Start Time

2019/03/14 6:00 PM (PDT)

2019/03/15 1:00 AM (UTC)

2019/03/15 10:00 AM (KST)

Token Sale End Time

When Hard Cap is reached or at the set time of:

2019/03/17 5:00 PM (PDT)

2019/03/18 12:00 AM (UTC)

2019/03/18 9:00 AM (KST)

Binance CEO Changpeng Zhao commented on the Bittrex news, stating that he is “happy to promote a peer to grow the industry” 

History in the making! We are excited to announce that Bittrex International will host its first Initial Exchange Offering (IEO) on March 15, 2019 at 10am KST. Learn more: https://t.co/TZFxyqs8Dm pic.twitter.com/KnZfpjjTbo

— Bittrex International (@BittrexIntl) March 11, 2019