OKEx issues more details on first IEO and how to participate

05 Apr, 2019
News
OKEx issues more details on first IEO and how to participate

Following successful launches of Initial Exchange Offerings on platforms such as Binance, Huobi, Kucoin and Bittrex, OKEx looks set to be the next exchange to follow suite with ther first IEO set to take place on April 10.  

OKEx announced earlier this week that they will be launching their own IEO platform called Jumpstar, a token sale platform to help quality blockchain projects go public and get listed.

OKEx have released an outline as to how the new platform will work, indicating that participants will need to hold at least 500 OKEx native tokens (OKB) for seven consecutive days before the IEO. Otherwise users can purchase 3,500 OKB on the day of the IEO sale.

Read more: OKEx to launch IEO platform JumpStart, OKB surges

OKEx also outlines what is required to stand the best chance of being chosen to participate in the IEO, stating "To get the most: Split your OKB to different accounts (of your friends and family)"

OKEx have announced a different method of token allocations, by using the seven day based OKB holdings as a coefficient based on the seven day period before the IEO. 

While the new method appears to be a little difficult to understand, exchanges are moving to an approach that will allow users who make use of an exchanges native token to get priority in the IEO as most of them sell out. 

Token metrics have not yet been released for the upcoming IEO of $BLOCK.

Read more: Bittrex IEO sells out in 10 seconds on day alt season begins

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Read more about: OKEX

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