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Ocean Protocol, a decentralized data exchange protocol to unlock data for AI, is now planning to raise funding via an initial exchange offering of Ocean Tokens (OCEAN) on Bittrex International following its failed attempt to meet its fundraising goal on CoinList.


According to the announcement, the Ocean Protocol Foundation aims to raise $6.77 million in bitcoin (BTC), adding to its $24 million raised in a previous round from several VC firms including Outlier Ventures, Block Asset, Fabric Ventures and Digital Currency Group.

Ocean previously attempted to raise $13 million on CoinList but ended up with only $1.55 million after numerous commitments fell through and other haircuts were made to secure a path forward. The startup added $117,000 via Fractal and privately raised an additional $150,000 to bring it to a total of just over $1.8 million.

“The IEO allows the customers of Bittrex International to acquire Ocean Tokens for use on the Ocean Protocol platform,” states the Ocean team. “For the IEO, 56.4 million Ocean Tokens representing 4% of the total supply will be offered at a price of $0.12 per Ocean Token.”

Ocean Token IEO information (Ocean Protocol)

Pre-Launch investors will receive additional tokens to bring their purchase price in line with the IEO price. The Bittrex IEO will begin on April 30 at 12:00 PM (EDT).

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More: Initial Exchange Offering of Ocean Protocol on Bittrex International
Sale Information: Ocean Protocol — Token Sale

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

Note: OCEAN valuation calculated using the total token supply.