On Feb. 25. the exchange tweeted on the announcement:
BTSE Token Launch 🚀 On March 5th at 12pm UTC, we will open the official #BTSE token public sale. The BTSE token powers the BTSE ecosystem and enhances your trading experience.$BTSE is designed to augment your trading experience. Learn more ➡️ https://t.co/4PtE8rVXu6 — BTSE (@BTSEcom) February 25, 2020
BTSE recently completed a private sale round featuring high-profile investors like major digital asset manager FBG Capital.
Other investors included:
BTSE Token Sale
The upcoming token sale by BTSE will purportedly be the first-ever native exchange token sale based on a Bitcoin sidechain known as the Liquid Network.
The Liquid Network is a federated sidechain for Bitcoin blockchain launched by blockchain infrastructure firm Blockstream in 2018.
In contrast to public blockchains like the Bitcoin, a federated blockchain, also known as a consortium blockchain, is a permissioned blockchain that shares consensus process among a number of pre-selected sets of nodes.
According to the announcement, the token will be listed on the BTSE exchange within two hours of the completion of the public token sale.
According to BTSE, a total of up to one million tokens will be distributed during the token sale, at the initial sale price of $2. While the maximum amount of tokens for purchase is capped at 25,000 BTSE tokens, the minimum number is just a single token.
The BTSE token rolled out for trading on the BTSE Exchange’s multi-currency spot market which supports seven major cryptocurrencies and ten fiat currencies.
The token is designed to boost the set of BTSE’s financial products in order to promote the adoption of digital assets.
BTSE CEO Leong also outlined that BTSE token would serve as an upgrade to the privacy of assets while streamlining transaction speed:
“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.”