Bittrex International will allow customers participating in the VeriBlock (VBK) initial exchange offering (IEO) the opportunity to purchase VBK coins using Bitcoin (BTC) through the Bittrex OTC trading desk. Customers interested in using BTC to purchase a minimum of USD $100,000 (approximate) of VBK may purchase through the Bittrex OTC Trading Desk through 9:00am PDT (4:00pm UTC), April 5, 2019. Customers purchasing through the OTC desk may receive a lower price per VBK than offered in the initial exchange offering and will be subject to other terms and conditions, including a lock-up period.
How does the OTC trade work?
Customers interested in purchasing VBK coins OTC must first become approved to trade OTC. Information to request OTC trading approval access is found here: https://bittrex.zendesk.com/hc/en-us/articles/360001474763-Trade-Digital-Assets-on-Bittrex-OTC
Customers who are approved for OTC trading then submit an OTC trade request by clicking here: "OTC Trade Request"
Within the OTC trade request, please provide the following information:
- BTC amount or approximate US dollar amount of VBK you would like to purchase.
The Bittrex OTC Trading Desk will reply to the OTC Trade Request ticket with the strike price and the settlement terms for the VBK purchase.
How does settlement work?
Customers will send the appropriate amount of BTC to the Bittrex OTC Trading Desk wallet, which will be provided by the Bittrex OTC Trading Desk within the OTC Trade Request ticket. These funds will be held by Bittrex in escrow on your behalf. On April 5th, after the conclusion of the VBK IEO, Bittrex will transfer 50% of your purchased VBK coins to your Bittrex wallet. The remaining 50% of your VBK coins are subject to a 4-year vesting schedule and will be held in escrow by Bittrex. VBK coins subject to vesting will be deposited into your wallet as vesting occurs. The price per VBK coin will be set in Bitcoin within 24 hours of the start of the IEO and will be communicated to you via your Bittrex Support ticket.
What is the coin vesting period?
50% of your VBK coins will vest immediately and will be deposited into your Bittrex wallet on April 5, 2019. The remaining 50% of your VBK coins will vest over 4 years. 25% of the VBK coins subject to vesting will vest on the first anniversary of your purchase. Thereafter (beginning in the second year after you purchase), 1/36 of your remaining unvested VBK coins will vest monthly and be delivered to your Bittrex wallet by the 15th calendar day of the following month (starting May 2020).
How do I sell VBK coins?
Customers interested in selling VBK coins OTC may do so once the VBK market is available on Bittrex. No customers will be able to sell VBK coins OTC during the VBK IEO.
For additional information, please contact the Bittrex OTC Trading Desk