Crypto exchange Bittrex has canceled its the first “Initial Exchange Offering” on Bittrex International.
As reported by Finance Magnates earlier this week, the Malta-registered exchange was set to exclusively host the token sale of XRD token – the native digital token of the blockchain-based gaming platform RAID.
“Bittrex International has canceled the initial exchange offering (IEO) of the RAID token,” the crypto exchange stated on its March 14 announcement.
“We decided to cancel the IEO as a result of significant changes in the business status of RAID. Specifically, a few hours ago, OP.GG terminated its strategic partnership with RAID, which was a vital part of the RAID project,” the exchange explained. “When Bittrex International became aware of this significant event, we did not feel that it was in the best interest of our customers to move forward with the IEO.”
$RAID turned out to be a scam. What is Bittrex going to do now? Cancel or proceed with IEO? LOL
— Mickey Hash (@alexis_chain) March 14, 2019
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With the token sale, the South Korean gaming platform was aiming to raise $6 million selling 17 billion XRD tokens. Payment option with Bitcoin was only available on the platform, and each token was valued at 0.00000010 BTC. RAID had also set minimum and maximum purchasing limit of the tokens at 30,000 and 57 million respectively.
The New Fund Raising Technique
Bittrex International is the crypto exchange’s response to a similar platform launched by its market competitor Binance – Binance Launchpad.
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) https://t.co/DVbZRAEB7n
— CZ Binance (@cz_binance) March 12, 2019
Binance, one of the leading global digital asset exchanges, has recently hosted the token offering of Fetch.AI on Binance Launchpad which ended up raising the maximum target amount of $21 million.
Fetch.AI’s offering was the second token sale on the platform this year as, in January, it hosted two consecutive sessions for selling Tron-backed BitTorrent token. It was a massive hit as within 15 minutes tokens worth $7.2 million were sold out.