Bittrex has partnered with Standard Tokenization Protocol to enhance its position in the rapidly growing IEO race which proves to be the next big crowdfunding method in the crypto industry.
It is confirmed that Bittrex has now officially joined the IEO race. The exchange announced that it will host the initial offering of STP or Standard Tokenised Protocol. Initial Exchange Offerings are similar to ICOs but they are administered by an exchange. The entrance of Bittrex into the world of IEOs shows that this crowdfunding model is rapidly gaining popularity.
As more exchanges join the nascent investment opportunity, IEOs are proving to be a major source of new capital for the crypto industry. Mike Chen, the STP CEO, said that the protocol can unlock ‘trillions’ of dollars in value. Thus, trade and token issuance will become easier.
He announced that: “The cost-prohibitive nature of traditional funding methods has led to a rapidly increasing demand for solutions that simplify asset offerings. STP is in a unique position to save billions of dollars for companies and start-ups that cannot attain funding due to the costs involved with hiring security lawyers, accountants, and investment banks.”