{"id":102137,"date":"2019-04-18T10:27:25","date_gmt":"2019-04-18T17:27:25","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=102137"},"modified":"2019-11-07T06:03:33","modified_gmt":"2019-11-07T06:03:33","slug":"ocean-protocol-announces-initial-exchange-offering-ieo-with-bittrex-but-some-traders-are-not-happy","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/ocean-protocol-announces-initial-exchange-offering-ieo-with-bittrex-but-some-traders-are-not-happy\/","title":{"rendered":"Ocean Protocol announces initial exchange offering (IEO) with Bittrex, but some traders are not happy"},"content":{"rendered":"

Ocean Protocol, a Singapore-based blockchain-powered data sharing platform, announced an initial exchange offering (IEO<\/a>) with Bittrex<\/a>. The exchange said the offering will begin on Apr. 30, with only verified Bittrex International users able to participate. However, on Twitter, the news was mostly met with skepticism.<\/p>\n

Bittrex Gets Another IEO in Line, This Time With Ocean Protocol<\/h2>\n

One of the more popular US-based cryptocurrency exchanges, Bittrex<\/a>, has been on a roll with initial exchange offerings<\/a> hosted on their platform. Following the initial exchange offering of VeriBlock, the platform announced the offering of Ocean Protocol's OCEAN cryptocurrency.<\/p>\n

\"Bittrex<\/a>
Related:\u00a0Bittrex Forms Bittrex International, Announces New Digital Asset Platform in Malta<\/a><\/figcaption><\/figure>\n

According to the exchange's official release<\/a>, the IEO will begin at 16:00 GMT \/ 18:00 CEST on Tuesday, Apr. 30th. The offering will take place on the company\u2019s overseas arm, Bittrex International<\/a>, with only fully verified Bittrex International users able to participate.<\/p>\n

The exchange determined the minimum purchase for individual accounts to be 83.33 OCEAN, or approximately $10, while the maximum amount was set at $5,000, or 41,666.67 OCEAN.<\/p>\n

The price of each OCEAN token will be set in BTC within 24 hours of the start of the IEO, Bittrex said, adding that it will be offered for approximately $0.12 per coin.<\/p>\n

News About The IEO Met with Backlash<\/h2>\n

A relatively young startup, Ocean Protocol<\/a> was launched with ambitious goals in mind. The company aims to be the world's first blockchain-based data sharing platform that connects people, startups, governments, and entire industries. Their platform, which recently rolled out its beta release, allows data to be shared while guaranteeing traceability, transparency, and trust for all stakeholders involved.<\/p>\n

However, Ocean Protocol's goal of challenging big data seemingly wasn't enough to convince the crypto community to participate in its IEO. Bittrex's Twitter announcement of the offering received public backlash, with one user calling it an “initial whale offering because of the OTC trade offering for users who trade a minimum of $100,000.<\/p>\n

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Initial whales ? offering<\/p>\n

— I \u2764\ufe0f you # juan (@crypto_juan) April 17, 2019<\/a><\/p><\/blockquote>\n