FTX Will Host IEO for Trading Platform Upbots

| Updated
by Andy Watson · 3 min read
FTX Will Host IEO for Trading Platform Upbots
Photo: Upbots

Upbots trading platform announced the IEO for its UBXT utility token which will be hosted by the FTX known to be an industry-leading crypto derivatives exchange. In this way Upbots wants to make one dashboard for both professionals and amateurs.

The popular crypto derivatives exchange FTX has announced that they will be hosting the IEO for the UBXT utility token native to the Upbots trading platform. The Swiss project aims to create a one-stop dashboard for both professional and amateur traders.

For this purpose, Upbots connects to several of the most important centralized exchanges through their respective APIs and 11 decentralized exchanges thanks to a partnership with the aggregator DEX.AG. Upbots additionally provides charting and risk management tools, which are embedded in the dashboard. Over time, Upbots wants to expand their operations to forex and commodities trading, as well as adding opportunities for their users to provide liquidity to various DeFi protocols through the dashboard.

The main business model for Upbots is a marketplace for trading signals, bots, and social copy trading. Through the marketplace, users can automatize their trades, rather than trading manually. This benefits especially amateur traders, whose knowledge of technical and fundamental analysis is limited.

Depending on the type of automation, these traders either pay a subscription fee, or a commission based on their earnings. Users that contribute to the Upbots marketplace, by making their trades, bots, and signals public are eligible for UBXT commissions from subscriptions or performance.

Additionally, UBXT tokens are used to subscribe to online learning courses and for parts of the platform itself. As an alternative to paying these subscription fees upfront, UBXT holders can also stake their tokens and earn discounts.

UBXT has a fixed supply of 500 million tokens, of which 39% have been sold during the institutional & private sale rounds. Upbots also received a strategic investment by Alameda Research, which is the company behind FTX, alongside notable investors such as Taureon, CMS and a number of angel investors. The official starting date of the Upbots IEO is scheduled for September 14th, 2020.

For the public sale, Upbots allocated 6% (30 million UBXT) of the total token supply at a price of 0.01 USD per token. A total of 30% of the supply has been allocated to the development fund, the team, advisors, and a bounty program. The remaining token supply will be held in the Upbots reserve treasury.

Upbots has received a letter of no-action from the Swiss regulator FINMA, allowing the token sale to take place. Private investors are thus available to participate in the token sale, unless they are in a restricted jurisdiction.

About Upbots

Upbots is a trading platform developed by Solfin Consulting and regulated by the Swiss authorities (FINMA). The platform features a trading dashboard connected to various centralized and decentralized crypto exchanges, a marketplace for automated trading, and an online learning platform. Upbots seeks to expand their operations to forex and commodities trading, as well as DeFi investment opportunities.

About FTX

Having been founded in May 2019 by Alameda Research, the Hong Kong-based platform FTX has grown to become an industry-leading crypto derivatives exchange. Their product portfolio includes perpetual contracts, quarterly futures, and their proprietary leverage tokens, in addition to spot markets for selected high-profile crypto tokens.

The exchange also features novel trading products, such as blockchain metrics futures and index tokens. Lately, FTX has started to offer IEO services. The first two IEO completed were the platform’s own DEX project Serum (SRM) and the DeFi platform Hedget (HGET).

Business News, Cryptocurrency News, Market News, News, Token Sales
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