BitBay has revealed that it is to join the IEO fray and will soon begin launching tokenized projects via a dedicated portal. The exchange, which turns over $15 million in volume a day, has built up a strong user base, primarily within Eastern Europe. As it seeks to evolve into an all-in-one cryptocurrency trading service, BitBay has decided its future lies in initial exchange offerings, with the native QANplatform token (QARK) one of the first digital assets to be sold via its new launchpad.
“Our IEO Launchpad has been created to provide investors with an all-in-one-place solution,” explained Paweł Sobków, CEO of Pinewood Estonia OÜ, a BitBay platform operator. “We deliver complete information about a project, as well as offer a simple process for buying tokens with both crypto and different fiats. By bridging this gap, even novice investors and no-coiners can participate in the sale.”
BitBay Throws Its Hat into the IEO Ring
While other exchanges were frantically rushing to emulate Binance’s every move, with scant consideration as to whether this was right for their business model, BitBay has taken a more measured approach. The team behind the thriving exchange has thought long and hard about whether to create an IEO launchpad and if so, how. More than just a clone of the existing launchpad services being offered by exchanges, BitBay’s will have a number of defining features.
The first of these is an information hub for prospective investors. This will give them an opportunity to learn more about projects before deciding whether to commit. Information on team members, business model, token metrics, lock-up periods and much more can be analyzed through the resources that will be integrated into BitBay’s investor portal. Project documentation such as whitepapers and pitch decks will be provided, as well as detailed information about forthcoming IEOs.
QANplatform, designed to help developers and entrepreneurs build smart contracts using their native programming language, is the first project to feature on BitBay’s IEO launchpad. The blockchain project, engineered with the goal of combating the threat of quantum computing to blockchains, will commence its BitBay IEO on November 18, when 22,222,200 tokens will be made available for $0.27 apiece. Two further tranches will be made available, with the entire IEO scheduled to last eight weeks.
Targeted at financial institutions and industries seeking to utilize crypto, QANplatform has been described by its CTO Johann Polecsak as addressing “all barriers currently holding back mass adoption of blockchain.” This includes high-grade security, high TPS and low energy consumption. The QAN blockchain relies on a unique Proof-of-Randomness (PoR) protocol that was built with ease-of-use and fast scalability in mind.
Due Diligence as a Service
Initial exchange offerings have superseded ICOs as the favored token issuance mechanism over the last 12 months, with the reduction of scams that plagued the industry one of the primary drivers behind this shift.
Frauds were commonplace in the wild west days of 2017 when anyone could spin up a whitepaper and a one-page website and start collecting capital. Through shifting the burden for performing due diligence from investors to exchanges, the IEO model has led to a dramatic reduction in the prevalence of fraudulent projects, and effectively put an end to exit scams.
While BitBay has undertaken to apply rigorous screening of the projects it lists on its IEO platform, its provision of an investor portal also gives aspiring token-buyers the ability to check for themselves before making a decision. In doing so, it will be embodying a truism that the crypto community knows by heart: don’t trust – verify.
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