BitBay crypto exchange is all set to join the IEO fray. The exchange will introduce its IEO launchpad on November 18 with the first token sale to be conducted for QARK tokens.
BitBay follows Binance’s footsteps to promote tokenized projects via a dedicated portal. As per the official press release published on Monday, BitBay will be the “first exchange offering investors the possibility to buy IEO tokens directly through EURO, Polish Zloty, and GBP”.
BitBay IEO venture will undertake crypto crowdsale on behalf of startups and the first ever tokensale to be launched via its IEO platform will be a token called, QARK. As per the official release, QARK token will be available to acquire via fiat currencies mentioned above. It is the native token of the Estonia-based QAN project, a Quantum-Resistant Enterprise-Grade Blockchain Solution that runs smart contracts in all major languages.
Initial Exchange Offering (IEO) is becoming the alternative and advanced version of Initial Coin Offering (ICO), a concept that was widely used in late 2017 to raise funds from the public. In contrast to ICO, the exchange itself conducts crowdsale on behalf of projects and this concept guarantee a fair amount of transparency and security from scams.
The proposed IEO platform sounds much similar to the IEO launchpad of Binance but how far BitBay’s IEO token sale becomes successful remains unseen.
“As a licensed cryptocurrency exchange we want to offer our users a possibility to participate with innovative and reliable projects. QAN brings great value to blockchain developers and has the potential to level up the cryptocurrency industry ecosystem, explains Paweł Sobków, CEO of BitBay platform operator.
Paweł further asserts that BitBay’s IEO launchpad is designed to offer investors with an overall solution in one place. As per Pawel, the firm will offer a user-friendly process, enabling users with easy access to buy tokens with fiats.
By bridging this gap, even novice investors and no-coiners can participate in the sale,” added Paweł Sobków.
Image Source – Flickr