The cryptocurrency exchange OKEx has come up with an initial exchange offering on its newly started OK Jumpstart token platform for selling BLOC tokens. This announcement has come as a major achievement for the exchange as through this sale it has joined the elite club of cryptocurrency exchanges having the likes of Bittrex and Binance that have carried out token sales function. Just so you know, BLOC token belongs to Blockcloud blockchain and will go on sale on April 10 at UTC 12:00 AM. Explaining the relevance of the project, its official website explains that the project combines the merits of internet technology and blockchain by reconstructing the layers of technology. In simple words, the project utilizes blockchain-based communication architecture in order to interconnect the different devices on the network.
The sales of the token will utilize a two-step approach: Subscription and Allotment. A time frame of 30 minutes will be given to the users to subscribe, and allotment will be according to the number of OKB tokens hold by the subscribers over seven days. The exchange has decided the minimum threshold level to be 500 OKB (held for the time frame of 7 days consecutively). Alternatively, users have the option to buy 3,500 unit of OKB on last day. However, in order to have a guaranteed subscription, the number of tokens that a user must hold on a daily basis is 2,500 OKB while if one decides to buy on the last day, he/she has to purchase 17,500 tokens before the snapshot.
Snapshots will be used for proving the eligibility of the users for participation in the process. The timing for the snapshots will be AM 10:00 UTC every day starting from 7 days before the actual sales day. Based on their Holdings, users will receive allotment coefficients which will be calculated according to OKEx’s blog formula.
This new move has provided OKEx an ability to offer services related to fundraising. Bittrex was the latest example as the exchange sold VeriBlock token in just 10 seconds. Binance, on the other hand, took 22 seconds to sell Fetch.AI token on its platform. Changpeng Zhao, the co-founder, and chief executive officer of Binance, coined a new term “killer app” in February earlier this year and he opined that this new fundraising exercise had a huge potential to further grow in future.