Kyber Network closes ICO whitelist early due to registration overflow

Kyber Network, which last month announced the launch of its decentralized exchange for the instant trading of any cryptocurrency, today informed that they will be closing their ICO whitelist registration three days earlier than planned due to a massive number of registrations.

The company previously announced its ICO schedule on Wednesday of last week which stated that eligible users can be whitelisted (guaranteeing them the opportunity to purchase tokens in the public sale) by joining the official Kyber Network Slack community. Since then, the team reported the community has grown from 4,000 to over 26,000 users.

In response to the support, Kyber Network decided they will be closing their whitelist registration at 2 PM (GMT+8/UTC 6 am) on Tuesday, August 22nd, 2017, three days earlier than planned. The team says that all eligible users in their Slack community by this time will be whitelisted and guaranteed the opportunity to buy tokens in the public sale.

The company has also announced that the purchasing of tokens will not be available to U.S. residents and KYC checks will be performed on all eligible participants.

Loi Luu, co-founder, and CEO of Kyber Network

Loi Luu, co-founder, and CEO of Kyber Network said:

“We are extremely grateful and truly humbled by the response to KyberNetwork. Building a strong community is the most important aspect of what we are trying to achieve with our public token sale. After our initial announcement, we have listened to feedback from our community and made some changes that we think will make our token sale stronger in the long run and also fair and rewarding to the early adopters of Kyber Network.”

Co-founded by Loi Luu and the creators of Oyente and Smartpool, Kyber Network is developing an exchange that includes trustless, decentralized execution with instant trading to improve liquidity by using a system that incentivizes reserve managers.

The result is a platform that handles trading, payments, and complex financial transactions like derivative options and forward contracts, while also integrating as a payment API that allows wallets to receive payment from any crypto token.

Kyber Network solves the issue of liquidity by introducing a method that will utilize reserve managers, who will be incentivized to monetize their otherwise idle assets. By serving trade requests from users, reserves earn profit from the spread determined by reserve managers. As the network gains more traffic through collaborations with wallet providers and various other token projects, reserve managers will benefit directly from the trading volume due to network effects within Kyber Network.

Kyber Network will also introduce a new smart contract interface that will allow existing wallets, which only accept specific tokens to receive any existing or future token without having to modify the token contract code (i.e. the recipient is not aware that the payment actually was proxied via Kyber Network).

In other words, it enables smart contracts and recipients to access a wider range of users and receive contributions and payments from any token that the platform supports.