Crypto exchange BTSE's initial exchange offering (IEO) is set to go live to the public on March 5th, the company said Tuesday.
In a tweet, BTSE said that the sale of its BTSE token would begin at 12 p.m. UTC. Following the conclusion of the offering, according to the token's white paper, BTSE will launch a BTSE/USD spot trading market on its exchange. BTSE plans to sell up to one million tokens at an initial price of $2, per a press release published Feb. 25. The exchange is placing a purchase cap of 25,000 tokens for each verified account.
According to that release, BTSE has already completed a private offering of the token.
"We've recently completed our private sale round thanks to the participation of investors such as FBG Capital, Lemniscap, CMS Holdings, Taureon Capital, GBCI Ventures and BCB Blockchain," Jonathan Leong, BTSE's CEO, said in a published statement.
According to the white paper, "[t]he initial private sale is for 50 million BTSE Tokens will be offered as part of a private placement only. Any unsold tokens from this allocation will be burned."
The Block first reported in December that BTSE planned to raise $50 million through the sale of its token, which will run on Liquid, a bitcoin sidechain-based settlement network built by Blockstream.
The firm has been shifting its business to the British Virgin Islands from Dubai since last year, as previously reported by The Block. At the time, the UAE's central bank told The Block that BTSE is "not licensed" by the central bank and that “it does not fall under CBUAE jurisdiction and regulations."