BTSE Announces Token Sale on Liquid—Bitcoin’s Sidechain

2020-2-26 17:12

Cryptocurrency exchange BTSE announced that it will host its initial exchange offering (IEO) on the Liquid Network in March. It will be the first token issued on Liquid, Blockstream’s Bitcoin sidechain. 

BTSE Token Sale

BTSE, a multi-currency and crypto derivatives exchange, will begin selling its exchange token in March. 

According to the company’s announcement, the IEO will be hosted on the Liquid Network, a Bitcoin sidechain developed by Blockstream.

Apart from crypto spot and derivative trading, the exchange offers fiat currency trading as well as OTC and lending services. BTSE, which is based in the Virgin Islands, is a member of the Liquid Network, joining the ranks of other major players in the industry including BitMEX, Bitfinex, OKCoin, Huobi, and others.

The exchange has recently raised a private funding round, according to CEO Jonathan Leong, who said that investors such as FBG Capital, Lemniscap, CMS Holdings, Taureon Capital, GBCI Ventures and BCB Blockchain participated in the token sale.

Leong said that BTSE chose to hold its token sale on the Liquid Network due to its “rapid inter-exchange settlement and lower congestion.”

1M BTSE Tokens to Be Sold Through Liquid IEO

While the private sale of the tokens has recently closed, the public sale will open on Mar. 5, BTSE stated on its website. The tokens will be listed on the BTSE exchange two hours after the token sale is completed. 

Users holding the BTSE token will be able to use it to access features such as reduced trading fees, increased limits, and higher benchmark bonuses. The exchange said that the token will also grant the ability to participate in upcoming staking programs and get discounts for certain services offered by the platform.

The initial price of the coin is set at $2, with 1 million tokens being offered for sale. Customers will be able to buy as little as 1 BTSE token, while the maximum purchase amount was set at 25,000 tokens for each verified account. 

Adam Back, the CEO of Blockstream, said the company was excited to see token issuance taking off on the Liquid Network.

Back also noted that launching the BTSE token on Liquid will enable users to store their funds off the exchange by using the company’s Blockstream Green cryptocurrency wallet. 

The post BTSE Announces Token Sale on Liquid—Bitcoin’s Sidechain appeared first on Crypto Briefing.

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