Ocean Protocol, A Blockchain Data Sharing Platform, Set To Release IEO With Bittrex

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.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Carl T
Carl T
Carl is a legend in cryptocurrency space for his long-storied experience, history and insights. He is a digital nomad who fell in love with bitcoin and its offspring for many years now and prides himself on delivering quality perspectives in the emerging world of crypto-assets and blockchain technology.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

IRS to Revise Form 1040 to Make it Harder for Traders to Escape Crypto Tax Obligation

The Internal Revenue Service is planning to change the 2020 tax form and make sure all taxpayers report about their cryptocurrency transactions. The standard 1040...

China State-Owned Media Covers Crypto as 2020’s Best Performing Assets Driven by DeFi & Weak Dollar

In an unusual coordinated report on Friday, several Chinese state-owned media covered cryptocurrencies, calling them the best-performing assets of 2020. The country’s top broadcaster, China...

Crypto Exchange Gemini Makes an Aggressive Move, Adds 15 Hot DeFi Tokens

DeFi is all the rage in today's crypto world, and no one wants to be left behind, especially cryptocurrency exchanges. Over the past few months,...

Ethereum ‘Getting Ready for Spadina' Testnet Next Week

The Spadina testnet of ETH 2.0 has been scheduled for genesis before the month ends, on September 29 at 12 pm UTC, as per...

KuCoin Hack: Exchange’s Insurance Fund to Cover User Loss “Completely,” Tether Freezes 33M USDT

The Singapore-based cryptocurrency exchange KuCoin released a statement regarding detecting large withdrawals on September 26, 2020, at 03:05:37 (UTC+8). The exchange has reportedly lost $150...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today