Gate.io Launches Four Initial Exchange Offerings, Secures Over $64 Million USD For Gatechain Token
Gate.io Launches Four IEOs After Raising Over $64 Million USD On The Platform’s Token Sale
As the market for initial coin offerings fade away and the initial exchange offerings take over, investors are pouring in funds to most of these projects. Gate.io becomes the latest exchange to complete an IEO on its platform with the addition of four cryptocurrency projects on the exchange. In the past month, the exchange has completed four token sales including Crypto Neo-Value Neural (CNNS), DREP, Facts, and MovieBloc.
As the demand for exchange-backed token sales has been on the rise, Gate.io took a step further to try satisfy this demand by launching trading with its own token, Gatechain Token (GT).
Virgilio Lizardo Jr. (Image: Soxchain)
In a statement on the latest completion of the overcrowded token sales, the vice president of international affairs at Gate.io, Virgilio Lizardo Jr. said the increasing number of IEOs on the platform is set to influence greatly the public sales of tokens as exchanges offer due diligence on the projects and keeps the fundraising “safe and secure”.
“We are delighted with the success of our first three IEO startup projects.” – Virgilio Lizardo Jr.
Gate.io Raises Over $64 million USD
The exchange announced in mid-April they had raised over $64 million USD in their virtual token sale. The report further indicated the oversubscription of the token sale surpassed the $2 billion dollar mark, a common phenomenon in the IEO fundraising method. Given the presence of a ready exchange, users tend to overbuy the tokens.
Lizardo further assured the users and traders of Gate.io on the upcoming developments to build the platform to challenge the best of cryptocurrency exchanges such as Binance. He continued saying,
“Due to our commitment to building a safe and complaint blockchain asset protection platform globally, we are looking forward to continuing our growth and partnerships, providing our users with a positive and seamless experience”
The crypto trading platform from the sale of its tokens raised over $64 million which will surely help pump up the upcoming blockchain. Binance cryptocurrency exchange initiated the IEO processes among its peers and the practice has caught on like wildfire presenting a brighter future for the consumers and investors in the digital asset industry.