Binance launchpad is a platform for launching tokens on the Binance cryptocurrency exchange. The platform provides startups with its blockchain platform for successful fundraising and subsequent listing on the exchange.
About Binance Launchpad
Binance launchpad provides the resources that the new project needs. This gives the project the opportunity to present its idea to 10 million Binance users and potential investors. Binance argues that the selection process for projects that will be presented on the Launchpad is very strict, but they do not give any specifics. Here are some of the factors that influence the Binance decision:
- Relative development of the project
- Strong and well-coordinated team
- Potential for growth and development of a wide crypto-ecosystem
Binance collects a detailed description of each project running on their platform. These descriptions make it possible for 10 million users of the exchange to find out why the Launchpad team supported a project; it also helps users determine whether they ultimately want to invest part of their assets in the project in question or not.
Anyone who has a KYC confirmed accounts on the Binance Exchange can sign in to Launchpad and take part in IEO. There are certain restrictions on the number of purchased coins. This limit is determined depending on the project.
IEOs on Binance Launchpad
The first projects in 2019 were BitTorrent and Fetch.AI. BitTorrent is a peer-to-peer file sharing system. Its transition to the blockchain world is not surprising, considering that Justin Sun (from TRON) recently acquired it for 140 million dollars. The project is designed to ensure that 100 million active users per month use cryptocurrency by running their own BTT token, which will be used to purchase services on the platform. The project managed to attract $ 7.10 million in less than 15 minutes.
Fetch.AI is a project that is a combination of blockchain and artificial intelligence. This project provides data and services using “smart ledger technology” in exchange for Fetch tokens, a network cryptocurrency. Developers want to integrate their tokens in the transport, energy, logistics and hospitality industries. The project collected $ 6 million in 10 seconds.
Celer Network is another blockchain project that raised funds through the Binance Launchpad. The project is a leading second-level scaling platform. It provides fast, simple, and secure transactions outside the chain, not only for payment transactions but also for a smart contract outside the chain. Tokens were traded in pairs with Binance Coin. The project attracted $ 4 million.
April 24 Binance Launchpad held a lottery of coins Matic. Each user was able to receive no more than 5 lottery tickets, depending on his BNB account within 20 days preceding the date of the lottery. The Matic Network is a second-level scaling platform that is achieved by using side chains for off-chain computing, while at the same time ensuring asset security. The network uses the Plasma platform and the Proof-of-Stake (PoS) decentralized network of validators.
Purchasing Coins with Binance Launchpad
To buy on Binance Launchpad, you need a verified account on the Binance exchange. The site provides general information about ongoing fundraising. The following data is provided for each project: price, start time of the event and a countdown to its beginning. Session currency is also determined by the platform, typically using Binance Coin (BNB) or Tron (TRX).
Influence on the cryptocurrency market
Following the success of IEO, following Binance, the following exchanges announced their intention to implement a platform for IEO: Bittrex (Bittrex International IEO), BitMax (BitMax Launchpad), Huobi (Huobi Prime), KuCoin (KuCoin Spotlight) and OKEx (OKEx IEO). ICObench also added IEO.