Bittrex issues statement on cancelled Initial Exchange Offering (IEO)

15 Mar, 2019 | Updated: 15 Mar, 2019
by Ryan Boltman
News
Bittrex issues statement on cancelled Initial Exchange Offering (IEO)

Just a few days after the announcement, and a few days before the launch of the first Initial Exchange Offering (IEO) on Bittrex, the exchange has decided to cancel the IEO and have released a statement regarding the cancellation.

Bittrex had just recently announced that it will be following in the footsteps of Binance, by kicking off their own Initial Coin Offering (ICO) platform on their exchange, essentially calling their new ICO launches Initial Exchange Offerings (IEO). 

Read more: Bittrex announces first ever Initial Exchange Offering (IEO)

The initial announcement earlier this week from Bittrex was that the exchange would be running the IEO for a company called RAID and their XRD token. With the IEO set to happen today, 15 March 2019, most people were concerned that they were not giving enough time to plan for their participation in the IEO. 

Well, there is no need to worry about participating in the RAID IEO, as one day before the launch, Bittrex announced that it would be pulling the plug on their first ever IEO, without reason. 

Bittrex has since released a statement as to why the IEO was cancelled. In the press release, Bittrex announced that the cancellation of the RAID IEO sighting that "We decided to cancel the IEO as a result of significant changes in the business status of RAID. 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."

There are no new announcements regarding potential IEOs on Bittrex at this point. 

Read more: OKEx to launch platform similar to Binance Launchpad, OK Jumpstart soon

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Read more about: Bittrex

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