The Malta-based crypto exchange giant Bittrex has officially canceled its first token sale or its Initial Exchange Offering (IEO) which we initially read about in our cryptocurrency news a few days ago. Bittrex International issued an official statement that was published yesterday on March 14.

Earlier in the week as previously reported, Bittrex International announced its plan to host the initial exchange offering today, on March 15 aimed to allow investors to use Bitcoin (BTC) to purchase the XRD tokens which are developed by the popular gaming data blockchain project, Raid.

In the announcement published yesterday, the crypto exchange made clear that the decision for canceling the IEO is ‘’a result of significant changes in the business status of RAID.’’ The statement explains further:

 “A few hours ago [on March 14], OP.GG terminated its strategic partnership with RAID, which was a vital part of the RAID project. When [we] became aware of this significant event, we did not feel that it was in the best interest of our customers to move forward with the IEO.”

Bitrrex International made very clear that they acted quickly and promptly to the changes and challenges that occur and the capability of the exchange to face and solve them. The exchange also stated that they will remain ‘’vigilant to ensure the integrity of our markets.’’ The statement added:

 “one of the hardest challenges we face in advancing blockchain adoption is to avoid the rampant fear, uncertainty, and doubt that is everywhere in this industry.”

As DC Forecasts previously reported, Bittrex decision to engage with the exchange-hosted token sale comes after the precedent of another crypto exchange giant-Binance. Bill Shihara who is the CEO of Bittrex and its co-founder, says that the initial exchange offering on the platform will make possible for international token investors to back new blockchain projects ‘’with the peace of mind that comes from Bittrex International regulated in Malta.’’ The token sale platform Launchpad of Binance initially hosted a high-profile token sale for the BitTorrent, Tron-based token earlier this year in January and in February hosted another public token sale for artificial intelligence and smart contract project Fetch.AI.

Currently, Bittrex is on the 49th among the largest cryptocurrency exchanges around the world according to adjusted daily trade volume with more than $62.8 million in trades until the day of press time.

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