Crypto exchange Bittrex International made a recent announcement that it was all set to introduce its first Initial Exchange Offering (IEO) for RAID’s XRD token. As per the announcement, the hard cap for the IEO currently is 17 billion XRD and the exchange is looking to raise approximately $6 million.
The funds raised through the IEO would help RAID formulate innovative technologies that would offer good rewards to gamers for sharing information that assures development.
The ongoing bearish trend in the market has compelled crypto and blockchain firms to come up with alternative means to boost funding, awareness, and adoption of cryptocurrencies.
The launch of the IEO is being seen as a giant move for Bittrex and RAID.
The IEO will kick off on March 15 with a 17 billion XRD hard cap. Whenever the hard cap is achieved, the 17 billion XRD will signify 17% of the total supply of XRD with around $6M being raised. Singaporean firm ONE RAID would be issuing all the tokens for the IEO.
Taesung Kim, a co-founder of RAID, considered it a “tremendous honor,” to have its IEO on prominent crypto exchange Bittrex.
Expressing his satisfaction, another executive from Bittrex International Bill Shihara reiterated Bittrex’s resolve to boost acceptance and adoption of blockchain even further.