After the cancelation of the Initial Exchange Offering (IEO) in Earlier this month, Bittrex has announced its initial project to launch the ICO. The project will be VeriBlock, a blockchain startup that works to develop a proof protocol that claims to add another layer of security to existing blockchains such as Bitcoin.
Earlier this month the RAID IEO was canceled by Bittrex saying that “The IEO has been decided to end due to significant changes in RAID’s business condition. In particular, OP.GG has concluded its strategic partnership with RAID a few hours ago, an essential part of the RAID project. Bittrex International did not feel that it was in their best interests to make progress with the IEO when we became aware of that important event.
BIttrex IEO Cancellation Announcement https://t.co/ZcTR7uTI8V
— RAID_Official (@RAIDOfficial2) March 14, 2019
However, Bittrex notes that its CEO, Bill Shihara, is a VeriBlock consultant and that its company has a stake in the minority shareholder in VeriBlock’s subsidiary. For these reasons, the successful completion of the IEO will indirectly benefit Bittrex.
Bittrex explains VBK as a “proof – of – proof consensus protocol allowing any blockchain to inherit in an entirely decentralized, untrustful, transparent, and permission – freeway” (DTTP) “Bitcoin’s unprecedented thermodynamic proof – of – work safety.”
Approximately $ 0.10 each VBK Coin is offered to users (subject to change), whereas the minimum purchase amount for the orders is $ 10 and the maximum $ 20,000. Orders above this amount should be passed through the OTC desk of the exchange and subject to rules that govern such transactions.
The token was initially designed to ‘ give the users with blockchain technology data ownership ‘ through a game information ecosystem. The project also developed new companies related to gaming, such as game marketing, data analysis and the distribution platform for games, by using the token.
VeriBlock currently includes, amongst other projects, Bittrex CEO Bill Shihara, the Ethereum co-founder Anthony DI Iorio, Bloq co-founder Matthew Roszak and Fenbushu Capital General Partner Bo Shen.
If the planned VeriBlock IEO were to be finalized successfully on its platform, the exchange would then officially include its name in the increasing list of cryptographic exchanges that help sustainable plans to raise funds for their product.
The sale is expected to amount to 70 million VBK at a rate of 0.10 dollars per VBK. IEO totals 7 million dollars on Bittrex. During the IEO at least $ 20,0000 for Bittrex International participants is available to purchase.