Cryptocurrency exchange provider Ethbits has broken the $1M barrier in the crowdsale of it’s ETB token. The blockchain startup is building Ethbits Local, an exchange, currently in beta, that facilitates secure trades between people from bank accounts to cryptocurrency.
Following the crowdsale success, Ethbits Local will expand it’s offering with iTrade, a new peer-to-peer social trading platform that offers copy trading across 15 new cryptocurrency pairs. Traders can learn from their peers and experienced traders can earn rewards for growing a follower base.
To date, 570 participants have contributed more than 11,400 ETH to see the platform developed. ETB tokens will play an essential role on the trading platform in the form of exchange fees. Participants will also qualify for quarterly dividend payouts of at least 11% of profits. Ethbits CMO and co-founder Matt Radbourne had this to say;
‘We are completely humbled by the support for Ethbits - to raise $1M with still one week left to go on the crowdsale puts us in a great position, we are excited to now be able to bring our vision for Ethbits to life. The pre-sale of ETB tokens has raised much needed funds for development and launch of the platform’
Ethbits Local is readying itself for launch immediately after the sale ends on 13th May. The addition of iTrade will take a little longer to develop and is slated for release at the end of the year. iTrade will enable face-to-face trades across a range of cryptocurrencies. To help facilitate this feature, Ethbits recently partnered with BCB ATM - an expanding Bitcoin ATM service based in the UK. Ethbits iTrade platform will be linked to BCB ATM's to help people find crypto traders in their local area.
There is still a week to run on the crowdsale and with every 1000 ETH raised, Ethbits will provide token holders an additional 1% in dividends. The crowdfund will run until 13th May at 5pm UTC. To get involved see https://ico.ethbits.com.
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