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Bittrex Calls Off Its First ‘Initial Exchange Offering’

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According to an official statement published on March 4, Bittrex (United States crypto exchange)has called off it first ever token sale, an IEO (Initial exchange offering) which the exchange was thinking of hosting on its Malta-based counterpart, Bittrex International. Previously this week, Bittrex International had come out to announce the company’s plans of hosting the IEO on March 15, enabling investors to make use of BTC (Bitcoin)in order to buy XRD tokens developed by Raid (international gaming data blockchain project.

According to the announcement made on March 14, the exchange highlighted that it decided to call of the IEO “as a result of significant changes in the business status of RAID.” The exchange further explained by saying “A few hours ago [on March 14], OP.GG terminated its strategic partnership with RAID, which was a vital part of the RAID project. When [we] 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.”

In a statement, Bittrex International stated that it chose to act quickly, and mentioned the challenges it faces as a platform trading cryptocurrency to remain “vigilant to ensure the integrity of our markets.” The statement further read that “one of the hardest challenges we face in advancing blockchain adoption is to avoid the rampant fear, uncertainty, and doubt that is everywhere in this industry.”

Previously, Bittrex’s token sale platform Launchpad hosted the token sale of BTT (Tron based BitTorrent) in the month of January. Right after, in the month of February, the platform hosted another public token sale for Fetch (AI and smart contract project). At press time, Bittrex is ranked 49th in terms of largest crypto exchange globally with a trading volume of about $62.8 million in trades.

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