DRIVE Markets to Host Its Own Token Sale

DRIVE Markets to Host Its Own Token Sale

Initial Exchange Offerings (IEOs) are getting big. The crypto exchange DRIVE Markets is the latest exchange to jump into the IEO marketplace. They are releasing their own native token.

IEOs are a new concept which has been hot in the past few months. Being a recent concept, most exchanges have in the past instead opted to launch their own security token offerings. In February, for example, Swiss Exchange SIX launched its own STO to support the exchange; similarly, a Thai exchange Satang Pro also launched an STO to raise capital for its platform.

Although they still might be considered securities, exchanges holding their own native token offerings are now commonly referred to as IEOs. DRIVE Markets is the latest such exchange to jump on board and have their own IEO.

A New Business Model

IEOs are not starting to be understood as a new business model. Kate Hiscox, CEO of DRIVE Markets, commented on the announcement by saying:

“Our goal is to change the perception of listing in the crypto markets and introduce the companies of the future to our growing base. For companies with a proven team, strong business model and traction, listing is a great way of accessing funding for growth and expansion.”

Binance has been leading the charge with IEOs by holding them on their Launchpad platform. DRIVE Markets hopes to conduct its IEO on its own platform.

The exact date of the IEO is yet to be announced.

Will IEOs grow in popularity in the coming years? Or are they just a passing fad like ICOs were? Let us know your thoughts in the comments below.

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