Ocean Protocol Announces IEO With Bittrex
The data sharing platform Ocean Protocol has recently announced that it will be doing an Initial Exchange Offering (IEO) with Bittrex. The information was released by the exchange and it will start on April 30. Interested users will have to be verified on Bittrex International. Although this is something that should be considered positive, the news was received with some critics in social media.
Ocean Protocol Launches IEO On Bittrex
Bittrex is one of the most popular and largest platforms in the United States for trading digital assets. After Initial Coin Offerings (ICOs), companies are now moving to Initial Exchange Offerings in which they sell their coins through crypto exchanges such as Bittrex, Binance or Huobi Global.
In this case, the IEO will start on Tuesday, April 30th, and it will take place on Bittrex International for verified users. The minimum purchase for individual accounts is 83.33 OCEAN or $10. The maximum amount is $5,000 or 41,666.67 OCEAN. The price of the tokens will be determined in Bitcoin within 24 hours of the start of the IEO.
Ocean Protocol is a company that has several ambitious goals. They want to become the first blockchain data sharing company that allows individuals, startups, and governments to be connected. The firm has already released a beta of their platform allowing data to be shared in a transparent and traceable way.
Nonetheless, the crypto community is not convinced to participate in the IEO. The number of tokens that are sold during the IEO will be representing 15 percent of the circulating supply, thus, Bittrex has been accused of conducting a senseless money-grab. At the same time, Bittrex sold tokens from VeriBlock in an IEO. Hundreds of tokens were dumped shortly after the offering.
Other users have complained about the lack of transparency that the exchange has, which is currently damaging its user base. This is quite negative for an exchange that must remain competitive with the proposals that other firms are currently presenting in the whole market.
There are currently 12 days until the IEO and there is no information regarding how Bittrex will be improving its relationship with its user base. At the time of writing this article, Bittrex is the 56th largest digital currency exchange in the market, according to CoinMarketCap. In the last 24 hours, the platform handñed $50 million in trading volume.