Malta-based Bittrex will host a multi-million dollar token sale on its trading platform. In an announcement last night, the exchange said its first-ever Initial Exchange Offering (IEO) would be their contribution to developing the crypto industry.
Investors will be able to purchase RAID (XRD) utility tokens in the IEO, which will be held this Friday. RAID, a decentralized supplier of game data, aims to raise $6M from the sale in order to fund further development for the platform. Payments will only be accepted in Bitcoin (BTC).
RAID co-founder Taesung Kim described the IEO as a “tremendous honor,” and said that Bittrex’s choice was a “vote of confidence” for the project’s vision.
“This IEO will be crucial to making a more transparent gaming data ecosystem, and the businesses needed to achieve it, a reality,” he said.