Crypto Exchange EXMO Cancels TGE Due To Sufficient Funds Raised Beforehand

[Goodcat49]

Token sales are, although a great way to generate funds, risky due to the volatile nature of the market, creating an air of uncertainty about future performance. Organizations and platforms that require funds utilize this method for money generation put a lot on the line, the foremost being their reputation.

EXMO Canceled TGE

EXMO is a digital exchange operating from Great Britain that had recently announced plans for its own token launch. The token was designed to generate funds for margin loans and other products. Other exchanges, like Binance, had successfully launched their tokens and the amount of investment done by the public had allowed them to reach the level of funds they required for their future products.

Riding on the wave, EXMO had also had decided to go for a token generation event. Yet, after carefully considering its position, the platform decided to cancel it. With total users (1,500,000) and daily new registration of 10,000 with a daily trading volume of $50,000,000, the platform has enough funds to satisfy its investors and users on its planned launch of future products and services

Previous Funding
The trading platform had already raised funds prior to the announcement of its token distribution. The crowdfunding was generated from its investors and the latest assessment shows that it is enough to cover all of their planned margin trading and any expenses involved in the insurance and license fee.

Enough funds, investor confidence and the backing of users meant that there is no need to raise funds through a risky proposition such as tokens. Multiple uncertainties such as launch failure, token price crash and company reputation at stake are simply not required. Co-founder Ivan Petukhovsky said “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.”

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/crypto-exchange-exmo-cancels-tge/