In an attempt to challenge the dominance of Binance Launchpad, Bittrex International is set to launch the first token offering on the platform with the upcoming XRD token sale.
As per Monday’s official announcement, the digital asset trading platform will exclusively host the token sale, dubbed as initial exchange offering (IEO).
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XRD is the native token for South Korean blockchain-based gaming platform RAID. The company is aiming to reward gamers for sharing data that fosters improvements, marketing and new business development for gaming companies.
Mentioning the move, Bill Shihara, co-founder and CEO of Bittrex, said: “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 about this IEO and look forward to helping similarly innovative teams connect with users to build their platforms for the future.”
The exchange will offer 17 billion XRD tokens which can be bought using Bitcoin. The company has valued each token at 0.00000010 BTC. RAID has also set minimum and maximum purchasing limit of the tokens at 30,000 and 57 million respectively.
The sale will start on March 15, at 1 am (UDT).
“To have our IEO be the first of its kind on Bittrex International is a tremendous honor, considering their reputation and the highly selective process we went through to get here today,” Taesung Kim, co-founder of RAID, added. “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.”
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Being one of the major exchanges on the globe, Bittrex is now taping the unexplored market for crypto penetration. The exchange recently led a $1.5 million funding round for the South African crypto trading platform VALR.
The Malta-registered crypto exchange, in January, joined hands with Bitsdaq to launch a digital asset trading platform for the Asian investors.