Cryptocurrency exchange BTSE’s recent initial exchange offering (IEO) sold out within just four hours. Investors bought 1 million BTSE tokens for $2 each, raising $2 million for the company.
The tokens were sold out within just four hours of launch. BTSE allowed users to buy a minimum of one and a maximum of 25,000 tokens per account. The company said that it reached its sales goal using vesting options and some tiered discounts. The new tokens are listed against USD (BTSE/USD) on the exchange.
Note that the relatively small digital currency exchange currently features only seven cryptocurrencies and ten fiat currencies. The company said that it will use the IEO firms to develop its platform and bring deeper liquidity to their markets. They are also planning to expand into over the counter trading, lending, and mining markets.
What does BTSE plan?
BTSE token holders will be able to trade with lower fees. They will also be eligible for better rebates and bonuses on selected services, alongside staking programs and payments for extra services within the BTSE ecosystem. The small exchange has already raised its futures markets daily volume to $80 million.
In December 2019, the company announced its plans to raise $50 million via the sale of its native token. The token sale was held on Blockstream’s Liquid Sidechain Network based on the Bitcoin Core (BTC) sidechain. This is the first offering on its kind on the Blockstream Sidechain and will also be the biggest.
The platform offers faster settlements to users. It was originally designed to handle mass transactions at quicker speeds on Bitcoin Lightning Network (LN). It works like a second data layer over the original Bitcoin core chain and provides tokenization facility, better transaction confidentiality as well as more agile settlements.
The exchange offers both spot and futures trading opportunities to users. It has already completed a private token sale round with FBG Capital, BCB Blockchain, Taureon Capital, Lemniscap, GBCI Ventures, and CMS Holdings. In a white paper, the company suggests that the total supply of its token will be 200 million. It suggests that unsold tokens will be burned from the most recent allocations.