Leading cryptocurrency exchange Bittrex has recently canceled its first initial exchange offering (IEO) over changes to the business status of the project that was going to sell its tokens through it.
As CryptoGlobe recently covered, the cryptocurrency exchange was set to host the token sale of RAID’s XRD token, which would be native to its blockchain-based gaming platform. The South Korean platform was looking to raise $6 million.
Through a new update, Bittrex revealed it canceled the IEO over worries a “significant” change to RAID’s business status put into question whether the sale was in the best interest of its users. The update reads:
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.
OP.GG was RAID’s core partner, and both wanted to together create a “more transparent gaming data ecosystem.” The reason behind the partnership’s end isn’t clear at press time.
RAID, as covered, was set to sell 17 billion XRD tokens exclusively on Bittrex. These would be purchasable with bitcoin only, at a price of 0.00000010 BTC per token. Investors would be able to purchase a maximum of 57 million XRD, and to invest they’d have to buy at least 30,000 tokens.
Bittrex’s IEO was the platform’s response to Binance’s token launch platform Launchpad. The Launchpad is set to sell one new token every month to users, and started with BitTorrent’s native BTT token. Recently, its Fetch.AI token sale ended in “about 10 seconds.”
Bittrex has earlier this year led a $1.5 million funding round in a cryptocurrency trading platform over its “tremendous untapped potential.”
