Initial Exchange Offerings (IEO) are popping up as a new trend among cryptocurrency exchanges. As such, Bittrex Exchange had also announced to host its first IEO for a token called XRD but suddenly announced to pull it back due to ‘last minute’ problem, as confirmed by European Exchange Bittrex.
Bittrex cryptocurrency exchange announced the reversal of its upcoming IEO scheduled to host on behalf of a South Korean Startup RAID for its XRD token. The exchange suddenly canceled it on March on March 14. As per the records, the IEO was supposed to go live on March 15 – and the cancellation announcement comes before a few hours of the scheduled launch. According to an official report, the exchange abruptly canceled it due to ‘significant, last minute changes’ with XRD crypto project.
Bittrex International broke out a reversal tweet adding ‘ trust and integrity are the most valuable assets’;
Trust and integrity are the most valuable assets of Bittrex International. As a result of significant, last-minute changes with RAID, we have cancelled the IEO offering of the RAID token. We apologize for the inconvenience. We will provide a more complete statement shortly.
— Bittrex International (@BittrexIntl) March 14, 2019
Furthermore, in an upcoming tweet and announcement, Bittrex explains that the change occurred in the business status of the RAID project, elaborating that OP.GG terminated its strategic partnership with RAID which was essential for RAID project.
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.
Concerning the similar context, OP.GG reportedly confirmed that there will be no economic and technical cooperation with RAID Project. However, the platform servers 45 million monthly active users and with the recent announcement, all potential business discussion related to RAID project is no longer the concern of OP.GG.
To note, Bittrex’s first IEO received a significant response from the industry players including CZ from Binance cryptocurrency exchange. if everything would perfect, Bittrex would launch its first IEO today (i.e on March 15) at 10 am KST on behalf of RAID project.
Those who don’t know about IEO or Bittrex’s IEO announcement, please visit here – IEO