Bittrex International Cancels RAID’s IEO

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 14th 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.”

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.

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.

The views and opinions expressed in the article Bittrex International Cancels RAID’s IEO do not reflect that of nor of its originally published source. Article does not constitute financial advice. Proceed with caution and always do your own research.

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