Yesterday, on its official blog, Bittrex International had made an announcement that on April 30, 2019, at 1600 GMT, the company is going to host an IEO- i.e., Initial Exchange Offering with OCEAN. The token sale will end on two occasions. Either it will end when the BI sale supply is achieved. Otherwise, it will end on the pre-decided date- i.e., May 3, 2019, at 16:00 GMT.
We are excited to announce that Bittrex International will host an Initial Exchange Offering (IEO) on April 30, 2019 at 16:00 GMT / 18:00 CEST with @oceanprotocol. Learn more: https://t.co/FCf0toWylm pic.twitter.com/2ykCjfZYaO
— Bittrex International (@BittrexIntl) April 17, 2019
Who can participate in the IEO?
The users of Bittrex International are allowed to take part in the Ocean Protocol IEO. Those users who are interested in participating in the Initial Exchange Offering can sign up at the link provided on the official blog of Bittrex International.
Costs, and the minimum and the maximum permissible purchase-
The price of one OCEAN token which is an ERC-20 token cost about USD 0.12. When the initial exchange offering starts, the cost of each OCEAN will be revealed in BTC as soon as IEO begins. The company has set a different parameter for the purchase based on the minimum and maximum limit. For instance, users on their accounts can buy a minimum of 83.33 OCEAN which is about USD 10 and 41,666.67 OCEAN which is about USD 5,000 when it comes to maximum buying capacity. Here is an excerpt from the blog explaining the initial circulating supply –
“The amount of tokens sold during the IEO, assuming the maximum sale amount is reached, will represent 15.97% of the initial circulating supply.”
According to the announcement the Bittrex International sale supply is 56,400,000 OCEAN whereas the total supply and the initial circulating supply are 1,410,000,000 OCEAN and 353,107,000 OCEAN respectively. As of now, only Bitcoin BTC is the accepted currency on the exchange. The distribution of the token and the Bittrex International token listing will begin within 48 hours once the initial exchange offering sale will end.
Can the user exceed the maximum number of token purchase?
For those who are interested in exceeding the maximum number of token purchase can do so by buying tokens through the Bittrex OTC Trading Desk, as per the blog. At the Bittrex International Over the counter desk, the minimum transaction amount is around USD 100,000.
The blog has mentioned a link through which the user can know about the OTC desk of Bittrex International, and about the ways of getting OTC trading permission.
About OCEAN Protocol-
Ocean is a decentralized data exchange. Its protocol is about opening and understanding the data for artificial intelligence. It is a bridge between the providers and the users for data-sharing purpose. The OCEAN protocol offers a tractable, transparent and reliance for the users. We can say that it is an intelligent mix of “decentralized blockchain technology, a data sharing framework, and an ecosystem for data and related services,” as the official website puts it.