RAID announced today that the Bittrex International digital asset trading platform would host the upcoming initial exchange offering (IEO) of RAID’s token.
According to the announcement, the initial exchange offering will be used by RAID, an international gaming data blockchain project, to develop new technologies that reward gamers for sharing data. The technology will foster new business development, improvements, and marketing for gaming companies.
The IEO will officially begin at 10:00 a.m. Korea Standard Time, March 15. The post stated that all authorized users would be able to buy XRD tokens using Bitcoin Core (BTC). This is the first IEO to be hosted on the Bittrex International Platform.
While speaking to reporters, Bill Shihara of Bittrex International stated:
“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
“And not just for RAID and our team. Now our international users have direct access to blockchain projects with the peace of mind that comes from Bittrex International regulated in Malta. We are excited for this IEO and look forward to connect with users to build their platforms for the future.”
Unlike traditional initial coin offerings (ICO), where the company or developers give new tokens to get direct contributions from customers, an IEO has a cryptocurrency exchange function as the counter-party.
Bittrex also gave details of the IEO, which will end when a hard cap of 17 billion XRD (about $6 million) is reached. The amount of tokens sold during the IEO, assuming the hard cap is reached, will represent 17% of the total [XRD] token supply.
The company further explained each XRD will be priced at 0.00000010 BTC, or 10 satoshis, with the minimum purchase amount being 30,000 XRD, or $10, and the maxmum at 57 million XRD, or approximately $20,000 USD. Notably, BTC is the only cryptocurrency Bittrex International is accepting for purchases of the ERC20-compliant XRD token. All of the tokens will be issued by ONERAID, a Singaporean Company, the company said in the release.
Bittrex is currently within the top 50 largest crypto exchanges globally, measured by adjusted daily trade volume, with roughly $73 million in traded daily.
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.