The first launchpad for exchange-based offerings that allow investors direct access to new projects through the euro, Polish złoty and British pound will debut on November 18th, according to a press release.
BitBay, one of the top digital currency exchanges in the EU with over 800,000 users worldwide, is moving into the IEO space following the success of major fundraising platforms launched by crypto exchanges such as Binance, OKEx, Bitpanda, Bittrex, Bitmax, Huobi and KuCoin.
BitBay’s IEO Launchpad will initially offer four fiat pairs: euro, Polish złoty, GBP and USD. Users will also be able to make purchases in Bitcoin directly from their BitBay account.
Following scrutiny and criticism over initial coin offerings (ICOs) – the hot crypto investment vehicle that raised over $11 billion in 2018 for blockchain startups – exchange-based token sales are on the rise. Unlike ICOs, which allow investors across the cryptosphere to fund projects that have not been reviewed by third parties, raising the likelihood for scams, IEOs are analyzed by the exchange before delivering new token listings directly to their users, typically a large, targeted base.
By leveraging their expertise in vetting new projects and verifying executive teams, with the goal of eliminating fake tokens and sketchy plans, exchanges are sifting through whitepapers to find and support high-quality startups in the industry.
BitBay’s first offering will be QAN, an enterprise-grade blockchain solution. Powered by fintech powered by Centrum Circle, the Estonia-based startup highlights its use of Lattice-based cryptography in order to make QANplatform resilient to quantum attacks, a rising concern given Google’s recent quantum breakthrough.
According to the development team, the platform relies on a new protocol called proof-of- randomness (PoR) that “bypasses the limits of Ethereum” and can’t be breached.