Bittrex Cancels Its Initial Exchange Offering

Bittrex Cancels Its Initial Exchange Offering

 

Cryptocurrency exchange Bittrex has decided to pull the plug on the planned “Initial Exchange Offering” (IEO), the company announced.

“Bittrex International has cancelled the initial exchange offering (IEO) of the RAID token,” it is stated on the company’s website.

Two hours after Bittrex’s post on Twitter, RAID confirmed the latest developments.

“It would not be right to proceed as scheduled on March 15 with Bittrex IEO due to the current changes”, the statement on RAID’s Medium page notes. They add that such decision has been taken “after a discussion with Bittrex”.

The initial plan was to hold a multi-million sale of the RAID’s XRD token on its Bittrex International digital asset trading platform, which planned to raise around $6 million.

After apologizing to users for any inconvenience caused by the cancellation, the exchange pointed at the “significant changes in the business status of RAID”, which had led to the cancellation.

“Specifically, a few hours ago, OP.GG terminated its strategic partnership with RAID, which was a vital part of the RAID project. When Bittrex International 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,” it is noted in the statement.

Previously, the company noted that “the ability for projects like RAID to innovate, advance, and promote the gaming industry on our platform is a game changer for all involved”.

It is unknown how many customers have registered for the IEO, as the full verification on Bittrex was initially required in order to participate in the token sale. However, RAID has confirmed it will refund all participants, including those who took part in the previous Token Sale implemented by Cobak.Bittrex Cancels Its Initial Exchange Offering