BTSE, a crypto spot and futures exchange, is going to publically open its exchange token sale on March 5.
The exchange is going for the public sale after it completed a private sale round. Per the press release, investors, including FBG Capital, Lemniscap, CMS Holdings, Taureon Capital, GBCI Ventures, and BCB Blockchain, participated in the private round.
The exchange will also list the token on its spot exchange within two hours of completion of the public sale.
“We are excited to see token issuance on the Liquid Network taking off with BTSE launching their native exchange token on the platform,” Adam Back, CEO of Blockstream, said.
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“For an exchange token, issuance on Liquid makes a lot of sense as Liquid’s fast transactions and inter-exchange settlement network provide the perfect environment for traders. The BTSE token can also be stored on Blockstream Green, giving users the additional option to store their tokens off-exchange if they want.”
Aiming to raise millions
The announcement also detailed that the British Virgin Islands-registered exchange will put one million tokens up for sale, and each will be valued at an initial price of $2. The maximum purchase cap of 25,000 tokens will also prevent the hoarding of the tokens.
The whitepaper also detailed that the initial private sale was for 50 million tokens, and the unsold tokens will be burned. BTSE did not disclose the amount it raised in the private sale.
Meanwhile, the exchange is also focusing on expanding its trading offerings. It recently upgraded its order book to combine all crypto assets, fiat currencies, and stablecoins orders, thus increasing market liquidity.
The exchange also moved its base from Dubai to the British Virgin Islands, citing a lack of proper regulation in the middle eastern country.