New KuCoin Initial Exchange Offering (IEO) Lottery System Launches Trias (TRY)

KuCoin is a Singapore-based crypto exchange. The platform’s blog features a new announcement, in which it indicates that a Trias (TRY) token sale will take place. TRY is a blockchain project that aims to develop a decentralized and trusted cloud infrastructure for enterprise-ready applications.

According to the announcement, the token sale is scheduled for May 14, 2019. The announcement continues that

“based on the principles of fairness and justice, the TRY token sale will follow a new lottery format, and there will not be first come first serve purchases available.”

Investors interested in the token sale can obtain lottery tickets for access to the token sale.

During the token sale, 400 million TRY will be offered at $0.005 USD per TRY. There is a hard cap of $1.6 million and each user with a winning ticket will have the opportunity to purchase a fixed block of 125,000 TRY ($500).

Based on the announcement’s lottery format summary,

“up to 7 lottery tickets can be obtained per account. The more lottery tickets that are obtained, the greater the chance to win. Lottery tickets are non-transferrable and each winning user can only purchase a fixed share of $500 worth of TRY. The actual price ratio of KCS will be announced on the day of the token Sale.”