Binance Set The Stage With Launchpad, Other Major Exchanges Quickly Follow
Binance Launchpad has proven to be an effective platform for pitching new blockchain-related projects. Now, other well-known cryptocurrency exchanges are also jumping on the same bandwagon with propositions of their own.
The New ICO Hypetrain
Earlier in 2019, Binance — which is currently the world’s largest cryptocurrency exchange by traded volumes — announced that it will feature one token sale every month. This takes place on its exclusive platform, conveniently dubbed Binance Launchpad.
So far in 2019, there have been two major fundraising rounds carried out, both of which turned out massively successful. The first one was the sale of BitTorrent Token (BTT), which saw upwards of $7 million worth of tokens sold in less than 15 minutes. The second one was a project called Fetch.AI. It sold FET tokens worth $6 million almost as quickly.
Both cryptocurrencies surged in price immediately after they started trading on Binance — something particularly customary to cryptocurrencies issued through ICOs back in 2018.
Binance has already announced its next token sale, set to take place on March 19. The project is called Celer Network.
As this new initiative is seemingly gaining momentum, other industry participants have also jumped on the bandwagon.
Michael Gan, CEO at the popular cryptocurrency exchange KuCoin, has revealed that they are working on a new platform called Spotlight — which is set to launch soon. While there’s not a lot of available information at the time of this writing, his tweet hints that the platform will carry out activity similar to that of Binance Launchpad.
A new program of us, we name it Spotlight, is coming soon, and we believe it will be a launch platform for hidden gems in blockchain that have real potential and value. pic.twitter.com/SuQRN3WQRu
— Michael Gan (@gan_chun) March 11, 2019
Moreover, at just about the same time, another major cryptocurrency exchange, Bittrex, has revealed that it will host its very first “Initial Exchange Offering” (IEO). Despite the different wording, the purpose of the IEO is almost identical to that of traditional ICOs — to raise funds for the development of products and technology.
The first project to have its IEO is called RAID and it will sell XRD tokens on March 15 to authorized Bittrex users only. Investors can purchase XRD tokens with Bitcoin (BTC).
Speaking on the matter, Bill Shihara, CEO at Bittrex International, said that they look forward to having other fundraising events of the kind in the future:
We are excited for this IEO and look forward to helping similarly innovative teams connect with users to build their platforms for the future.
What do you think of this new cryptocurrency exchange-backed model of fundraising? Don’t hesitate to let us know in the comments below!
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