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Cryptocurrency exchanges are platforms that enable customers to trade digital currencies for other assets. At the moment, there are more than 1500 cryptocurrencies existing today, with a combined market capitalization of over $18 billion. Initial exchange offerings (IEOs) had a blast this year – during the first half of 2019, IEO projects were able to raise $1.6 billion. Some claim it depends on IEO project’s liquidity, others mention the token price and adherence to the roadmap of the project. The number of exchanges listing the project is closely tied to its liquidity.