EXMO Cancels Plans To Launch Public TGE Due To Full Supply Of Own Funds
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Cryptocurrency trading platform EXMO has chosen to call off a planned token generation event to the wider investing public due to full supply of its own funds for margin loans and other product launches.
In regards to the process of selling units of a cryptocurrency ahead of its launch is unclear, EXMO cannot guarantee the absence of unexpected changes in the legal framework, which in turn will lead to high risks for our investors. We find this situation unacceptable, as the safety of our partners is our first priority.
Co-founder of the platform Ivan Petukhovsky, offered these words in regard to the company’s decision;
“A stable positive dynamics of all financial indicators of the platform and the incredible user’s number increase (currently, we have more than 1.5 million traders, and there are more than 10 000 people that register on EXMO every day) allows us to fully supply our product business plan”
EXMO’s previously collected funds from the crowdsale were supposed to be spent on the introduction of margin loans, the creation of an insurance fund for margin loans and obtaining the necessary licenses.
The decision to add the function of margin loans is primarily due to the increased demand of traders. By adding a new product, exchange users will be able to earn more on currency fluctuations through a loan of additional funds.
About EXMO
Founded in 2013 and based in London, Kiev, and Moscow, EXMO is the number one exchange in Eastern Europe, and one of the world’s largest global exchanges in volume and liquidity. There are 1.5 mln users, 50 000 active traders, 53 trading pairs, 5 fiat currencies, and $50 mln daily trading volume.
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