Cryptocurrency exchange; Bittrex International has aborted the initial exchange offering (IEO) of the RAID token after gaming analytics company OP.GG terminated its strategic partnership with the South Korean startup RAID.
Cryptocurrency exchange; Bittrex International has aborted the initial exchange offering (IEO) of the RAID token after gaming analytics company OP.GG terminated its strategic partnership with the South Korean startup RAID.
Bittrex Exchange had announced to host its first IEO for a token called XRD but suddenly refrained due to “‘last minute” significant problem as confirmed by European Exchange Bittrex.
“We decided to cancel the IEO as a result of significant changes in the business status of RAID” – Team Bittrex.
The token offering was scheduled to go live on 15th March at 10 am (UDT). But was suddenly canceled on the 14th which according to Bittrex, this partnership was a “vital part of the RAID project,” which aims to reward gamers for sharing data.
Meanwhile, OP.GG, which claims that it has 45 million monthly active users, announced that it “has stopped all potential business discussions related to RAID project and there will be no economic and technical cooperation with RAID coin.”
However, since this partnership was a vital part of the RAID project, Bittrex International confirmed that they did not feel it was in the best interest of their customers to push forward with the IEO.
Confirming these words from Bittrex International; tweets from them had this saying
‘trust and integrity are the most valuable assets”.
Bittrex International is the crypto exchange’s response to a similar platform launched by its market competitor Binance – Binance Launchpad.
In respect to the gaming; with the token sale, the South Korean gaming platform was aiming to raise $6 million selling 17 billion XRD tokens. Payment option with Bitcoin was only available on the platform and each token was valued at 0.00000010 BTC. RAID had also set minimum and maximum purchasing limit of the tokens at 30,000 and 57 million respectively.
Moreover, as at last checked, RAID is still silent and haven’t divulged a thing yet about the whole saga.
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