Fundraising Through an IEO Instead of an ICO?

Press Release

updated: Dec 8, 2018 15:00 EST

A Blockchain Powered Remittance Platform – REMIIT – completes its IEO through the South Korean cryptocurrency exchange Coinis, raising approximately $2.3 Million over two days.

IEO is an abbreviation of “Initial Exchange Offering” which is a method of fundraising for blockchain businesses where the cryptocurrency of the project conducts fundraising being directly listed on the exchange. The key element to an IEO is to partner with an exchange (or multiple exchanges) to function as the distributor of tokens. Project developers mint the tokens and conduct the sales directly through the exchange, which will then sell the tokens to individual contributors for the corresponding pair.

REMIIT that completed their IEO last November is a blockchain powered remittance platform that builds on Ethereum with the Cosmos Chain as a side chain to enhance the transaction capacity and reduce costs. In the current monopolized remittance industry, REMIIT brings an alternative solution that resolves not only the issues in the banking sector but also the problems that exist in the blockchain remittance businesses. With the REMIIT Smart Contract (RSC) that can be activated with their stable coin REMD at its core, it is expected to minimize the number of intermediaries involved for a faster and cheaper overseas money transfer experience.

After the project launch through the IEO, REMIIT’s CEO Stevie An spoke, “REMIIT has many competitors in the industry but there still remains a large amount of market share available for blockchain remittance” and that “REMIIT will capitalize on the previous remittance business experience to speed up the blockchain implementation in our everyday lives.”

With the support of the REMIIT project from South Korea, it has demonstrated great potential for the possibilities to grow further in the global sector. Despite the difficulties that may lie ahead, REMIIT stands at the forefront to bring adoption of blockchain technology to our everyday lives.

For more info, please contact:

Source: REMIIT

Sign Up for Our Newsletters

Read News and Reports specially curated to your interest. Subscribe to WCRCLEADERS and have an edge.

You May Also Like

BootstrapLabs Announces Fourth Annual Artificial Intelligence Conference

SAN FRANCISCO, Sept. 27, 2018 /PRNewswire/ — BootstrapLabs, a leading venture capital…

Financial Education Seminars Making a Comeback – New Research From Advisorist and NAFA

No. 1 Best-Selling Author Jeremiah Desmarais to Participate in the September NAFA…

ORHub Launches New Software Module Vendor Hub™

NEWPORT BEACH, Calif., Sept. 25, 2018 /PRNewswire/ — ORHub, Inc. (OTCQB: ORHB) (the…

Hydroid Recognizes Royal Netherlands Navy as Authorized REMUS Service Center

Through the Royal Netherlands Navy’s investment in facilities, security and diagnostic equipment,…