FTX to Host IEO for Upbots Trading Platform

FTX to Host IEO for Upbots Trading Platform

UpBots is the all-in-one trading platform that enables traders to trade cryptocurrencies, DeFi, forex, and commodities, manually or with bots. They recently announced that their IEO will be taking place on the FTX exchange on the 14th of September, 2020, as part of their ongoing efforts to raise fresh capital. 

The capital raised will facilitate business expansion, day-to-day operations, partners, reserve, legal advice, marketing, and the platform’s development. The event will give traders access to 6% of UBXT tokens. The remainder of the tokens has been sold via institutional and private sales. They have also been allocated to the company’s development fund, the reserve, advisors, team, and the bounty program.

By bringing together services that were previously available only in standalone platforms, UpBots aims to lower the threshold for new traders who are just starting out in trading cryptocurrency or Forex. For experienced traders, the platform offers an advanced interface with a single point of control. UpBots aims to become the preferred platform for both novice and experienced traders thanks to an easy-to-use interface coupled with practical portfolio management tools.

UBXT token distribution

The tokens have been distributed in the following way. A total of 500 million tokens, distributed through institutional, private, and through the announced IEO

45% of the 500 million (225 million) has been allocated to the Institutional and Token sale. Out of this 45%, 39% were sold at 0.01$ per UBXT. (22% institutional sale and 17% Private sale. The remaining 6% (30M UBXT) will be sold during the upcoming FTX IEO sale. 

The private sale price and the institutional Sale were fixed at 0.01$. The 22% institutional sale has been all sold out. Out of the token sale, the 17% allocated to the private sale has also wholly been sold out. The 6% that is pending sale will be available during the IEO on FTX.

The remainder of the tokens that have been made available has been allocated in the following manner.

  • 25% as reserve holdings.
  • 14% to the UBXT development fund.
  • 10% to the team.
  • 5% to the advisors.
  • 1% to Bug Bounty.

The UBXT token will be used to process all fees and transactions on the UpBots platform. The marketplace and the community tools will also be powered by UBXT.

UBXT use case

UBXT represents an ERC-20 token, one that has several use cases.

  • Means of payment – The UBXT token can be leveraged to pay for subscriptions on the platform, user training, and other purchasable services.
  • Copy Trading and Bot performance – Traders can mirror the most profitable transactions. Traders can also rent bots to trade 24/7. Commissions are delivered to bot developers.
  • Referral program – Traders that refer UpBots to new traders can claim a referral fee that can be paid through UBXT.
  • HODLing – Incentives are given to traders who hold their UBXT tokens. Incentives include free trading tools, higher referral bonuses, free membership.

This partnership enables the UpBots dashboard to give you instant access to atomic token swaps on exchanges supported by DEX.AG. UpBots learning platform helps traders improve their skills and grow at their own pace, along with a library of resources for the more seasoned enthusiasts.

With a feature-packed platform that will give you access to the largest exchanges through secure APIs, empowers traders to trade without worry. UpBots also has plans to integrate with exchanges that have significant liquidity, having already announced that OKEx and ByBit will be added to the platform along with BitMEX, Bittrex, CoinbasePro, Kraken, and Binance. UpBots has also announced its partnership with DEX.AG, an aggregator for decentralized exchanges.

Aisshwarya Tiwari

Aisshwarya is currently working as the Chief Editor at crypto.news and holds more than 4 years of experience in the digital assets industry. He holds an undergraduate degree in Commerce with Honours and a post-graduate diploma in Liberal Studies. Before entering the crypto industry, Aisshwarya worked as an SAP Consultant for a global IT firm. He also cleared the CFA Level 1 exam before pivoting to the crypto industry due to its novel and exciting propositions.