Bittrex Unveils Initial Exchange Offering to Compete With Binance's Launchpad

Francisco Memoria

Leading US-based cryptocurrency exchange Bittrex is set to host what it called an initial exchange offering (IEO), in which it’ll sell tokens to investors for bitcoin. The move comes in a bid to compete with Binance’s token sale platform, Binance Launchpad.

According to Bittrex’s announcement, the first token that’ll be sold is native to a South Korean blockchain-based gaming platform called RAID. The token, XRD, will be sold exclusively on Bittrex.

RAID is looking to reward gamers for sharing data that helps gaming companies improve and develop their businesses. Taesung Kim, the organization’s co-founder, was quoted as saying:

We, along with our core partner OP.GG, view this as a vote of confidence in our vision for this project and the gaming industry. This IEO will be crucial to making a more transparent gaming data ecosystem, and the businesses needed to achieve it, a reality.

The cryptocurrency exchange’s IEO will see it offer 17 billion XRD tokens for bitcoin, with each being valued at 0.00000010 BTC. Investors will need to purchase a minimum of 30,000 XRD to participate in the token sale, and each is limited to 57 million tokens.

The sale is set to be held on March 15, at 1 am UDT. Commenting on the move Bill Shihara, the co-founder and CEO of Bittrex, 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.

Bittrex has earlier this year led a $1.5 million funding round in a cryptocurrency trading platform over its “tremendous untapped potential,” and has also been working on its platform by actively listing and delisting tokens.

Its IEO is set to help it competed with Binance’s Launchpad, which has held the token sale for the TRON-owned BitTorrent platform. Its second token sale, for the Fetch.AI tokens (FET) was reportedly over in “about 10 seconds.”