The Initial Exchange Offering Planned by Bittrex Has Been Cancelled

Bittrex, an exchange based in the United States dealing with cryptocurrencies, had previously announced what would be their first token sale. Now, this token sale, dubbed an Initial Exchange Offering (IEO), has been cancelled in an official announcement released on March 14. The IEO was supposed to take place on Bittrex International, which is its counterpart based in Malta.

The IEO, which was announced earlier this week, would take place on March 15, and it would allow investors to purchase “XRD” tokens using Bitcoins (BTC). The international gaming data blockchain project, RAID, is the developer of the XRD tokens.

Bittrex made the decision of cancelling the IEO “as a result of significant changes in the business status of RAID,” the official announcement said. More specifically, the termination of the strategic partnership between OP.GG and RAID prompted Bittrex to abort the planned IEO. It is worthwhile noting that the aforementioned strategic partnership was a vital part of the RAID project.

The move to cancel the IEO was in the best interest of investors, Bittrex International stated. With the cancellation, Bittrex International aimed at avoiding the “rampant fear, uncertainty, and doubt that is everywhere in this industry,” adding that one of the biggest challenges they face as a cryptocurrencies trading platform is to be constantly “vigilant to ensure the integrity of our markets.”

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