Just like ICO trends owned crypto market in 2017, Initial Exchange Offering (IEO) is booming in 2019. KuCoin has recently joined the party of IEO with many other cryptocurrency exchanges to help blockchain projects raise funds. Consequently, the new IEO platform of KuCoin is called Spotlight just like OKjumpstart of OKEx (as reported by Coingape).
Following KuCoin’s IEO launch, its native token “KCS or KuCoin shares” started soaring the volume on the graph of Coinmarketcap. To make it clear, the idea is that KuCoin’s IEO or Spotlight will only support its native token, KCS meaning, any project that expects to raise funds with Spotlight IEO, will have to use KCS and let users settle transactions.
A new program of us, we name it Spotlight, is coming soon, and we believe it will be a launch platform for hidden gems in blockchain that have real potential and value. pic.twitter.com/SuQRN3WQRu
— Michael Gan (@gan_chun) March 11, 2019
At the moment, KCS is up with 12.16 percent over the past 24 hours. Accordingly, it seeks out to enter the round of 60th largest cryptocurrency, presenting sits on the 61st spot with trading value $1.17. Furthermore, KuCoin shares or KCS token held the average market cap $104,984,455.
At the time of reporting, KCS’s trading volume is split on KuCoin’s platform in difference trading pairs including KCS/USDT, KCS/BTC, KCS/ETH. NEO/KCS. XRP/KCS, CS/KCS, LTC/KCS. EOS/KCS and GO/KCS.
As per the website and official announcement, anyone interested in Spotlight IEO will have to complete KYC in advance. However, not many details on KuCoin’s IEO is available at present. The announcement reads that;
KuCoin Spotlight will officially announce its first Spotlight project within this week. The Spotlight token sale is on a first-come, first served basis. The sale will be based on KCS and the actual price in KCS will be announced on the day of sale.