The Bittrex exchange has announced that its initial exchange offering (IEO) for the Raid token has now been cancelled after an important strategic partnership was terminated.
In a statement, the US-based exchange has apologised for the “inconvenience” and claims it will provide a “more fulsome” explanation to its users as trust and integrity are its “most valuable assets”.
The statement goes on to illuminate how Bittrex cancelled the IEO as a consequence of significant changes in the business status of Raid.
Specifically, gaming platform OP.GG terminated its strategic partnership with Raid. The partnership was a pivotal part of the Raid project.
This has been corroborated by OP.GG on the company’s website. It notes: “OP.GG has stopped all potential business discussions related to the Raid project and there will be no economic and technical cooperation with the Raid coin.”
Bittrex became aware of the termination of the partnership and felt it was in the best interest of its customers not to continue with the IEO.
The exchange claims it will remain vigilant to ensure the integrity of its markets.
“One of the hardest challenges we face in advancing blockchain adoption is to avoid the rampant fear, uncertainty, and doubt that is everywhere in the industry,” the statement reads.
“When we become aware of significant events, we respond quickly to our users.”
Interested in reading more Bittrex-related news? Discover more about Bittrex’s partnership with the Bitsdaq exchange.