With the fresh horror of 2017’s ICO scams in our minds, the crypto space has evolved to provide a more secure solution for raising funding. Introducing the Initial Exchange Offering – an IEO uses exchanges as a middleman to protect investor funds from scammers while promoting new projects for crowdfunding.
Exchanges globally have latched on to this idea, launching their own IEO platforms that host a range of upcoming blockchain projects. IEOs tend to run for shorter times, and in comparison to the large sums requested in ICOs, are prone to smaller hard caps.
With exchanges now putting their reputation on the line by backing these projects, we’re hoping to see higher quality projects and better follow-through. But who exactly are these IEO hosts? And what IEOs are they churning out in 2019?
Perhaps one of the most well-known crypto exchanges worldwide, Binance offers crypto-to-crypto trading on a catalog of cryptocurrencies and altcoins. Embracing the culture of IEOs, Binance founded Binance Launchpad earlier this year. The platform uses a ‘lottery’ system for entry to IOEs to prevent oversubscription and encourage active participation.
The platform kicked off with BitTorrent’s project; a long-awaited and extremely popular token (BTT). The BitTorrent platform, aiming to tokenize file sharing, launched on the TRON network, with a hard cap of $7.2 million. Tokens sold for 0.00012 USD/BTT during the IEO.
While Binance doesn’t currently have any IEOs open, it recently closed a few poignant projects. Winning lottery tickets are currently being claimed, enabling IOE investors to purchase tokens. Some of these interesting projects include:
- Perlin – A leaderless proof of stake smart contract platform, Perlin closed its doors a month ago. The project is aiming to raise $6.7 million from the winning lottery ticket holders, selling tokens at $0.77USD/PERL.
- Band Protocol – A decentralized oracle for Web 3.0, BAND tokens are being sold for 0.473 USD apiece. The IEO, which dished out winning lottery tickets a month ago, is aiming to raise $5.85 million.
- Elrond Network – Having secured lottery ticket winners over 3 months ago, the Elrond Network is aiming to raise $3.25 million for its high-throughput public blockchain. Combining Adaptive State Sharding with a new Proof of Stake mechanism, the visionary project is selling tokens at 0.00065 USD/ERD.
Singapore-based exchange, Huobi Global, launched Huobi Prime in March 2019. The IEO launch platform has already hosted 7 projects since its inception.
Huobi Prime kicked off with TOP Network, an open communication network powered by DAG. The project raised $8 million through Houbi Prime, selling token at 0.00255 USD/TOP. Since its launch, the token has been on a general steady incline.
While Huobi Prime has no IEOs ongoing at the moment, their recently-closed sales have all successfully reached their hard caps.
- Akropolis – An alternative pension infrastructure, raised $2.4 million 3 months ago. Coins sold at $0.008125 USD/AKT.
- EMOGI Network – 2 months ago, this social digital currency, LOL, surpassed its hard cap of $2.5 million, garnering $2.52 million from IEO investors. Coins sold for 0.00191 USD/LOL.
- Whole Network – Closing a month ago, Whole Network raised $1.5 million for their blockchain smartphone network. NODE tokens were sold on the IEO for 0.027 USD each.
Exmarkets Exchange is a slightly smaller crypto trading platform, offering 26 crypto pairs. The intimate exchange, which has a daily trading volume of around $1.5 million, established Exmarkets Launchpad of October 2018. Since then, the IEO platform has been busy, hosting 21 IOEs.
Exmarkets Launchpad began with Aerum, an Ethereum platform for financial dApps. While the project aimed to raise $6 million, the final amount hasn’t been disclosed.
The IEO launchpad platform has a couple of IOEs in action currently:
- Barin – Having devised a profit-sharing platform that works with the advertising sector, Barin’s IEO has another 3 months remaining on its IEO. Attempting to raise $660,000, the project is selling tokens for 10 USD/BARIN.
- MeterQubers – Better catch this one quick as there is only a day left! The new peer-to-peer trading platform is aiming to raise $8.75million selling tokens at 0.05USD/MEQ.
Shortex Exchange is a relatively new player, dubbing itself as the first completely independent crypto ecosystem. With a rough 24-hour trading volume of $20 million, the platform has 23 crypto pairs for trading.
When it comes to IEOs, Shortex Exchange has launched 17 IEOs on their platform. Recently, the exchanged closed an IEO with Monster Byte, an iGaming operator looking to raise $4.5 million. Proceeds of the IEO have yet to be disclosed.
Shortex Exchange currently has 8 IEOs open, with a 9th coming soon. These include:
- Azultech – Closing on 20th October, Azultech is creating the biggest CGI farm and marketplace. While no hard cap has been set, tokens are priced at $0.024 USD/AZU.
- Freelanex – A freelancer platform optimizing client management via smart contracts, Freelanex is aiming to raise $10 million with the IEO. Tokens can be picked up for 0.004 USD/FLXC before November 14th.
- Curate – A blockchain-based fashion platform for sharing and sourcing ideas, Curate is selling tokens for 0.10 USD/CUR8. Attempting to raise $10 million, the IEO will close on November 24th.
Starting in 2017, OKEx Exchange has a 24-hour volume of around $550 million with over 600 pairs on offer. OKEx Jumpstart was started in 2018 to launch IEOs, with 9 projects completed within a year.
OKEx started with Blockcloud,a blockchain-based advanced TCP/IP architecture to promote dynamic connectivity. The project surpassed its hard cap of $1 million, raising $1.5 million selling at 0.01 USD/BLOC.
OKEx doesn’t have any IOEs open at the moment. Recent IEOs include:
- Eminer – Attempting to redefine mining, Eminem raised just shy of their $11.59 million hard cap, closing the IEO in July on $10.58 million. Tokens sold for $0.0015 USD/EM
- Pledgecamp -Revoltuionizing crowdfunding, Pledgecamp closed their IEO in August. While hoping to raise $20 million, final proceeds haven’t been announced yet.
- X-Powerchain – A cloud screen ecosystem, X-Powechain is the most recent IEO to close, raising their hard cap of $5 million. This IEO finished in September, having sold tokens at 0.005 USD/XPO.
Coineal is a large crypto exchange with 101 pairs and around $550 million 24-hour trading volumes. The exchange began offering IEOs in March of this year. Despite being new to the game, Coineal have already had 28 IEOs on the platform since its inception.
One of the first IEOs on Coineal was ZeroBank, a blockchain-based legal ecosystem for international money transfers. The project still hasn’t announced the amount raised since the IEO in March, but tokens were sold for 0.086 USD/ZB.
A more recent project is Sessia, a social marketplace with CRM, SMM, and logistics management tools for businesses. Hoping to raise $50 million with tokens costing 1.50 USD/KICKS. The total token sales have yet to be announced, despite the IEO finishing in July.
Vivarium, another IEO that closed in September, hoped to raise $5 million through Coineal. The revolutionary platform is looking to provide a virtual reality ecosystem for businesses. Full token sales haven’t been released yet.
Coineal only has one project open currently. Diamond Open Market is creating an EOS ecosystem to buy and sell naturally grown diamonds. Tokens can be bought for 0.0041 USD/DOM before the close of sale on October 30th.
VinDax Exchange is relatively new, yet still has a significant market share, with 24-hour trading volumes surpassing $300 million. Having jumped on the IEO bandwagon in May, VinDAX began offering its own coin, VD. Nearly 5 months later, VinDax has now hosted 23 IEOs.
Birdlance is one project that VinDax recently closed in September. Selling BLNC tokens for $0.002, Birdlance offer a management platform for stock images. Total funding amount hasn’t been disclosed yet.
VinDax currently has 2 open IEOs and 4 just about to start, incuding:
- Thaler Crypto Exchange – An investor ecosystem to help young crypto projects get going, Thaler Crypto Exchange is looking to raise $1.2 million. The IEO token price is 0.07 USD/TAL, with doors closing in 2 days time (16th Octber).
- SentexExchange – This upcoming crypto exchange is attempting to raise an undisclosed amount of funds by 18th October. Tokens are being sold in the IEO for 0.025 USD/SNTX.
- GStar – This ambitious project is leveraging the entertainment industry to encourage and ease cross-border donations though gamification. This upcoming IEO will run from 19th – 25th October 2019, with GOXT tokens priced at $0.02.
LAToken is a large exchange, completing over $800 million in trades every 24 hours. The altcoin-heavy exchange started offering IOEs in April, having launched 19 projects on the platform to date.
The exchange started their IEO offerings with Green Funding Coin, a crowdfunding initiative for social, environmental and governance projects. Aiming to raise $7 million, the IEO sold the GFC token for $0.02. Having closed the IEO in April, final figures still haven’t been disclosed.
LAToken currently has several IEOs open, such as:
- 7Eleven – Creating a global marketplace for buying and selling, 7Eleven are targeting banks to initiate a new payment mechanism. The IEO has no close date at the moment, and tokens are being sold for $0.00015/7E.
- HYDRA – HYDRA is developing an identity management system on the blockchain. The company hopes to raise $20.45 million before the close of the IEO on November 10th. Tokens can be purchased for 0.08 USD/HYD.
- KARUS Chain – KARUS Chain is providing an end-to-end supply chain solution to track and trace precious metals. The IEO, which ends on November 22nd, is offering tokens at 0.10 USD/KRS.