Cointelegraph Team
Cointelegraph
As the adoption of Bitcoin (BTC) sidechains continues to grow, a major Bitcoin sidechain, the Liquid Network, will soon host a token sale.
BTSE, a multi-currency digital asset and derivatives exchange, plans to launch its Liquid Network-powered token sale on March 5, 2020, the exchange tweeted on Feb. 25.
According to an announcement shared with Cointelegraph, BTSE has recently completed a private sale round featuring high-profile investors like major digital asset manager FBG Capital. Other investors included early stage investment firm Lemniscap, CMS Holdings, Taureon Capital, GBCI Ventures and BCB Blockchain, as BTSE CEO Jonathan Leong noted.
First-ever native exchange token sale based the Liquid Network sidechain
As reported, the upcoming token sale by BTSE will purportedly be the first-ever native exchange token sale based on a Bitcoin sidechain known as the Liquid Network. The Liquid Network is a federated sidechain for Bitcoin blockchain launched by blockchain infrastructure firm Blockstream in 2018. In contrast to public blockchains like the Bitcoin, a federated blockchain, also known as a consortium blockchain, is a permissioned blockchain that shares consensus process among a number of pre-selected sets of nodes.
According to the announcement, the token will be listed on the BTSE exchange within two hours of the completion of the public token sale. According to BTSE, a total of up to one million tokens will be distributed during the token sale, at the initial sale price of $2. While the maximum amount of tokens for a purchase is capped at 25,000 BTSE tokens, the minimum number is just a single token.
BTSE CEO notes that BTSE token supports “confidential transactions”
The BTSE token rolled out for trading on the BTSE Exchange’s multi-currency spot market which supports seven major cryptocurrencies and ten fiat currencies. The token is designed to boost the set of BTSE’s financial products in order to promote the adoption of digital assets, the firm said.
BTSE CEO Leong also outlined that BTSE token would serve as an upgrade to the privacy of assets while streamlining transaction speed. Leong said:
We’ve chosen to launch BTSE’s exchange token on the Liquid Network because it facilitates fast transaction times allowing for rapid inter-exchange settlement and lower congestion. It also supports Confidential Transactions, an upgrade to the privacy of assets transacted on the sidechain.
BTSE first revealed its plans for a Liquid Network-based token sale in late 2019. At the time, the firm was projecting to raise $50 million, selling tokens at $1 each. The exchange plans to spend the raised funds to further develop its platform and liquidity depth as well as to expand services into crypto lending and over-the-counter and mining markets.
In line with a major surge of Bitcoin futures trading volumes, BTSE’s futures markets increased more than six-fold this year, up from $40 million to $250 million in daily volume so far, the exchange noted.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
Ripple wipes out weekly gains, experts comment on role of Ripple stablecoin
Ripple declined to $0.52 on Thursday, erasing all gains registered earlier this week. Ripple SVP Eric van Miltenburg’s comments on the firm’s stablecoin, and how it is expected to benefit the XRP Ledger and native token XRP have raised concerns among crypto experts.
Hedera HBAR slips nearly 10% after air is cleared on mistaken link with giant BlackRock
HBAR price is down nearly 10% on Thursday, partly erasing gains inspired by the misinterpreted link with BlackRock. Despite the recent correction, Hedera’s price is up 44% in the past seven days.
The reason behind Bonk’s 105% rise and if you should buy now Premium
Bonk price has shot up 105% in the past five weeks. A retracement into $0.0000216 or the $0.0000152 to $0.0000186 imbalance would be a good buying opportunity. Patient investors can expect double-digit gains from BONK that could extend up to 70%.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?