BTSE, a crypto derivatives exchange company that utilizes bitcoin and cryptocurrency technologies to develop financial products and services, has announced its exchange token sale – the first of its kind to be launched on Blockstream’s Liquid Network – will open to the public on March 5, 2020.
“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,” said Jonathan Leong, CEO of BTSE.
The BTSE token is set to be listed on the exchange within two hours of the completion of the public token sale. With an initial sale price of $2, users can purchase a minimum of one and a maximum of 25,000 tokens per verified account. A total of up to one million tokens will be available during the token sale.
The BTSE token is the first exchange token launched on the Liquid Network, a federated Bitcoin sidechain that is widely regarded as one of the leading examples in sidechain development.
“We are excited to see token issuance on the Liquid Network taking off with BTSE launching their native exchange token on the platform,” said Adam Back, CEO of Blockstream.
“For an exchange token, issuance on Liquid makes a lot of sense as Liquid’s fast transactions and inter-exchange settlement network provide the perfect environment for traders. The BTSE token can also be stored on Blockstream Green, giving users the additional option to store their tokens off-exchange if they want,” Back adds.
“We’ve chosen to launch BTSE’s exchange token on the Liquid Network because it facilitates fast transaction times allowing for rapid inter-exchange settlement and lower congestion. It also supports Confidential Transactions, an upgrade to the privacy of assets transacted on the sidechain,” said Leong.
Since the beginning of the year, the trading volume on BTSE’s futures markets has increased more than six-fold, from 40 million to 250 million USD in daily volume.
The token will be tradeable on the BTSE Exchange’s multi-currency spot market which supports ten fiat currencies and seven major cryptocurrencies.
BTSE token benefits include reduced trading fees, increased limits and rebates for selected services, a higher referral bonus, access to special programs, the option to participate in staking programs, and payment for additional services within the BTSE ecosystem, such as listing fees, advanced trading functions, enhanced data feeds and co-location.
To complement this, BTSE recently upgraded its orderbook, making the trading platform fully inclusive of crypto assets, fiat currencies, and stablecoins.