Exchange Gate.io Sees Almost $3 Billion in Orders in First Week Of IEO for Native Token
William Suberg's original article for cointelegraph.com reduced by 76%
Chinese cryptocurrency exchange Gate.io saw almost $3 billion worth of orders placed during the first phase of its in-house token sale, the company confirmed in a blog post on April 14. The tokens do not yet exist, the exchange currently offering so-called "Gate.io POINTs" in the ongoing sale, which will be exchangeable for GT at a maximum rate of 2.5:1. The scheme, similar in style to fellow exchange Binance's Binance Chain, is an example of the so-called initial exchange offering and has seen considerable interest, despite the absence of token issuance or the ability for users to verify progress.
"During the first phase of POINTs sale and GT reward distribution, USD $2.984 billion worth of orders were placed," Gate.io said in the blog post. "Gatechain Token distribution is entirely public and transparent. There is no ICO, no private sale no distribution to the team, no pre-order, or reservations for institutions." During the public phase, USD-pegged stablecoin Tether, the entry currency for POINTs, saw considerable demand of its own, with users paying a premium in fiat terms to secure tokens.
Last week, another IEO scheme gained the scorn of cryptocurrency sources after exchange Bgogo attempted to offer blockchain platform Algorand's own tokens before their issuance.
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