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Bittrex announces Initial Exchange Offering of RAID’s XRD token; plans to launch 1 XRD for 10 Satoshi



Bittrex announces Initial Exchange Offering of RAID's XRD token; plans to launch 1 XRD at 10 Satoshi
Source: Pixabay

The US-headquartered cryptocurrency exchange, Bittrex International revealed its plans to host the first-ever Initial Exchange Offering [IEO] of RAID’s XRD token this month. The IEO is based on its project RAID, which is a blockchain-driven gaming data startup based in South Korea. The offering will officially start at 10:00 a.m. KST on Friday, March 15.

Bittrex CEO Bill Shihara commented on the latest development and the RAID blockchain platform,

“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.”

A whopping 17 billion XRD tokens have been deployed on the Bittrex platform. The platform is vying to secure $5.95 million by selling 17 billion tokens. The exchange is currently planning to offer 1 XRD at the value of 10 Satoshi.

The purchase range set by the exchange stood at a minimum of $10 to an upper limit of $20,000. The exchange further detailed that BTC will be accepted during the token sale. The tokens will be distributed within 14 days of the sale.

Binance Founder and CEO Changpeng Zhao, or better known as CZ in the crypto sphere, commented about the latest move on his official Twitter handle,

“Glad to see more joining the club. We firmly believe blockchain fundraising is the killer app. Let’s use it to help our entrepreneurs and #BUIDL our #crypto industry, and other industries after that. [happy to promote a peer to grow the industry]”

RAID, the blockchain project was built with a goal to built a decentralized gaming data system. According to RAID’s whitepaper, the 2019 roadmap for the project details the launch of the mainnet called the RAID Chain. Following the launch in June 2019, the team plans to move to Ethereum-powered XRD across the mainnet.

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Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.