KuCoin To Conduct IEO Based On Spotlight Platform
The head of the Hong Kong cryptocurrency trading platform KuCoin announced an initial exchange offer (IEO) for the MultiVAC project. The IEO will be based on the new KuCoin Spotlight platform launched last week and will take place for the first time on the exchange.
The CEO and co-founder of the exchange, Michael Gan, tweeted that the developers of the MultiVAC project created a flexible and innovative blockchain system that supports sharding. Gan did not disclose details of the token sale but said that the information will appear soon. Deputy Exchange President Johnny Lyu published a photo from a meeting with representatives of MultiVAC, but he did not reveal any details of the partnership either.
On March 20, KuCoin representatives reported about the launch of the KuCoin Spotlight blockchain platform that allows collecting investments to support various cryptocurrency and blockchain projects. The exchange noted that the initial exchange offer will be based on the internal tokens of the KCS exchange.
Users will have to pass the KYC procedure before the IEO. It is reported that residents of some countries and regions will not be able to participate in the token sale because of bans from regulators.
On March 25, the cost of KCS tokens rose by more than 10% and amounted to $1.32. The cryptocurrency capitalization on the market increased to $119, which moved the asset to 55th place in the CoinMarketCap rating.
As previously reported, cryptocurrency projects accused the KuCoin exchange of extorting money for services to increase trading volumes.