September 19, 2020

OKEx Exchange Sells 500 Million BLOC Tokens Per Second

OKEx Exchange Sells 500 Million BLOC Tokens Per Second

On April 10, OKEx cryptocurrency exchange announced the successful completion of the initial exchange offer (IEO) from Blockcloud startup blockchain. According to company representatives, BLOC tokens were sold on the OK Jumpstart platform in just one second.

During IEO, OKEx Exchange Users Bought 500million BLOC coins, totaling $ 2.5 million. Tokens were sold only for OKB cryptocurrency (OKB) at a price of 400 BLOC = 1 OKB (approximately $ 2). The minimum purchase amount was 100,000 BLOC, the maximum - a million.

The process of conducting IEO on the OK Jumpstart platform consists of three stages:

  • Registration of participants;
  • coefficient calculation;
  • virtual currency distribution.
  • Registration limit was reached forone second, after that, the system calculated the coefficient of each buyer depending on the number of OKB coins on his balance and distributed BLOC tokens among all customers.

    OKEx fulfills its promise to launch tradingvirtual currency BLOC. Two hours after the completion of IEO, the exchange listed BLOC tokens and added one trading pair - BLOC / USDT. Since the start of trading on the Okex exchange, the cryptocurrency rate has decreased by 41% (from $ 0.089 to $ 0.052) and continues to fall. However, given the low cost of selling tokens during IEO ($ 0.005), participants in the initial exchange offer, who sold virtual currency at the start, managed to make some good money.

    OKEx Exchange has set a new record for the time of the IEO. Prior to this, the palm belonged to two projects:

  • Selling coins Fetch.AI (FET) at the Binance Launchpad took 22 seconds;
  • VeriBlock's IEO on the Bittrex exchange completed in 10 seconds.
  • Primary exchange offer attractsinvestor attention is not without reason: only reliable projects are presented on IEO platforms, and the exchange administration guarantees the security of transactions. Apparently, in the near future, IEO will supplant the initial coin offer (ICO) from the market.