The KuCoin cryptocurrency exchange this Tuesday revealed the details of the upcoming IEO of Coti project, which will be held on June 4th.
About 46 million COTI tokens will be put up for sale through KuCoin Spotlight. By distributing them, the project expects to raise up to $ 3 million.
As in the previous IEO at KuCoin Spotlight, the allocation of tokens will be distributed in a lottery format, where one winning ticket will allow the user to purchase COTI for $ 500. Unlike Binance, KuCoin distributes tickets based on several factors, such as the number of KCS blocked by users and the number of KCS in their accounts. Also, one additional ticket will be available to participants of the currently planned IEO Chromia, who will not be able to get an allocation in this campaign.
Coti is developing a blockchain protocol focused on decentralized payments.
Additionally, KuCoin is going to delist some of the tokens. They are:
- Block Array (ARY)
- Datum (DAT)
- Shivom (OMX)
- ClearPoll (POLL)
- Snovio (SNOV)
- Solaris (XLR)
- LAToken (LA)
Deposits for all of these tokens will be disabled on May 28, and the corresponding trade pairs will close on May 31. Withdrawals will be available until August 31st. The exchange does not specify the specific reasons for the delisting, except that these projects failed the test, saying it happened "according to the [Special Treatment Rule]".