Singapore-based exchange BitXMI has brought to an end the Initial Exchange Offering (IEO) which was launched for its customers last week. The launch helped the exchange a massive success.
BitXMI had offered at least 2 million hard caps. Out of which, all of them have been released, at the offered price of $0.10, which marks a success for the exchange. It took them hardly one week to sell off all their tokens.
Initial Exchange Offering or IEO is a variant for initial coin offerings which has been largely operated by cryptocurrency exchanges across the globe. Let us understand ICO first: ICO has been a funding for cryptocurrency. In most of the circumstances it has been done through crowdfunding, with many times a private ICO not looking for public funding.
In ICO, the cryptocurrencies are sold as tokens. Os can allow startups to avoid regulations that prevent them from seeking investment directly from the public, and intermediaries such as venture capitalists, banks, and stock exchanges, which may demand greater scrutiny and some percentage of future profits or joint ownership.
Earlier, the exchange issued an IEO apparently to shore up its reserve for Tether tokens. In the past few years, U.S. Securities and Exchange Commission are looking into IEOs, with a view to acting against violations of securities laws.
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