[ANN] REMIIT IEO Coming Soon

Team REMIIT
REMIIT
Published in
2 min readNov 12, 2018

There has been a major change in the fundraising method of the project. After weeks of discussion with the team, we have decided to move to an IEO.

What is an IEO?
Initial Exchange Offering, means a project gets listed on an exchange directly without going through an ICO.
The key element to an Initial Exchange Offering (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.

Amendments
1. ICO ➡ IEO
2. 6 Billion ➡ 15 Billion (Total Token Supply)
3. 1 ETH = 35000 REMI ➡ 1 KRW = 1 REMI (Token Price)
4. 42850 ETH ➡ $5.3M (Hardcap)

Due to the decrease in hardcap, the distribution has changed however the percentage for community contribution has not changed. Therefore we will pro-rata the number of tokens according to a 1:2.5 ratio. (e.g if originally 500 REMI, you will receive 1250 REMI)

Additionally, as we have converted our strategy to an IEO, the airdrop and bounty tokens will be locked for 3 months from the date of IEO launch.

We believe that this change is the best for our supporters and REMIIT in the current market. We will try our best to bring success.

--

--

Team REMIIT
REMIIT
Editor for

Remiit is a decentralized remittance and payment platform that aims to act as a catalyst of globalization through the blockchain.