LONDON, April 2, 2019 /PRNewswire/ -- Institutional digital currency exchange, DRIVE Markets, today announced it is accepting applications from companies interested in listing an Initial Exchange Offering or IEO. IEOs have emerged as an alternative to Initial Coin Offerings or ICOs and represent a direct to listing model.
The Company also announced a Listing-as-a-Service (LaaS) model, a first for crypto, designed to spread the cost of listing and to better educate issuers that listing is a long term engagement. The Company estimates that more than 90 percent of coins and tokens are illiquid due to little to no ongoing support.
"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," said Kate Hiscox, CEO at DRIVE Markets.
The approval process for an IEO on DRIVE Markets includes regulatory approval and a commitment to quarterly reporting, similar to the requirements of the stock market. Quarterly reports and updates will be available on the Company's news outlet, DRIVE Insider and through its media partners including BloxLive, the burgeoning crypto and blockchain news network.
The first IEO to list on DRIVE Markets is the Company's native token, DRIVE Coin (DRV), which will open for trading on April 3, 2019 at 2:00 p.m. GMT (1:00PM UTC). DRV will list at $0.14 with a circulating supply of 70M coins and will be available to trade on DriveMarkets.com and through the company's liquidity and trading desk partners.
"Direct to listing is a natural evolution for utility and security tokens. At DRIVE, we believe that digital asset trading is the future but it must come with a foundation of responsible listing," added Hiscox.
About DRIVE Markets
DRIVE Markets is guided by two principles for digital asset trading: provide infrastructure compatible with the global financial markets and list the products that our clients want to trade. For more information, visit https://drivemarkets.com and follow @DRIVEmarkets on Twitter and Telegram. For the latest industry insights and news, check out https://driveinsider.com.
Kate Hiscox, CEO
Kate Hiscox, Founder and CEO at DRIVE Markets
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SOURCE DRIVE Markets