In a tweet shared today Dubai-based cryptocurrency exchange, BTSE revealed it will launch its previously announced exchange token sale on March 5. BTSE plans to sell up to 1 million tokens during the sale, at an initial price of $2. The token will be listed on the BTSE exchange within two hours of completion of the sale.
According to Cointelegraph, BTSE recently completed a private sale round featuring FBG Capital, CMS Holdings, Lemniscap, Taureon Capital, GBCI Ventures, and BCB Blockchain. BTSE will be the first exchange token running on Liquid, a Bitcoin sidechain-based settlement network for traders and exchanges.
Why it matters:
BTSE originally set out to raise up to $50 million in the token sale. The new $20 million amount is a 60% reduction to the amount the exchange initially sought to raise.
Blockstream’s Liquid sidechain has been off to a slow start since it launched in October 2018. However, its recent announcement of $15 million USDT migrating to the chain alongside the upcoming BTSE token sale could provide some much needed uplift.