Bittrex Announces it Halts RAID Offering After Business Partner OP.GG Terminates Partnership
Surprisingly, Bittrext International cancelled the first Initial Exchange Offering (IEO) that was going to be launched on its platform. According to a recent statement released by Bittrex, there were some “last minute changes” with the RAID (XRD) cryptocurrency project. Due to this reason, they had no choice but to stop the IEO.
Bittrex Cancels RAID’s IEO
In a recent statement released by Bittrex International, they had to cancel the RAID’s IEO due to some last-minute changes. The exchange apologized for the inconvenience and provided a clear explanation to users.
As they wrote a few hours ago, trust and integrity are the exchange’s most valuable assets. In consequence, the cryptocurrency exchange decided to cancel the IEO due to significant changes in the business status of RAID. A few hours ago, OP.G terminated its strategic partnership with RAID, thus leaving the project without a vital partner.
Bittrex wrote about it:
“Bittrex remains vigilant to ensure the integrity of our markets. One of the hardest challenges we face in advancing blockchain adoption is to avoid the rampant fear, uncertainty, and doubt that is everywhere in this industry. When we become aware of significant events, we respond quickly to protect our users.”
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
OP.GG distanced itself from RAID explaining that they have stopped all the potential business discussions about the RAID project. Moreover, OP.GG informed that they do not have the intention to develop any blockchain-related business using RIOT GAMES data. Moreover, OP.GG wrote that they will be taking all the possible legal measures against those that disseminate false facts about the issues that influenced this decision.
As we wrote a few days ago at Bitcoin Exchange Guide, Bittrex announced it was going to host an IEO related to the RAID project. RAID aimed at rewarding gamers for sharing data that allows the firm to improve its services, marketing and business development.
By conducting an IEO, users could have the “peace of mind” that Bittrex International, a recognized exchange regulated in Malta, would offer support to valuable and respected projects. The IEO proposed by Bittrex International is similar to the proposal made by Binance with its Binance Launchpad to launch new Initial Coin Offerings (ICOs).
Nonetheless, the first IEO has been canceled. Users on social media recognized that the exchange took the right decision in canceling the IEO if the standards required are not met by the project.