Binance Revives Token Launch Platform with New Projects Every Month in 2019
The exchange’s Launchpad will list Tron’s BitTorrent and Outlier Ventures’ Fetch.AI as the first projects after a pause through 2018.
Binance, one of the largest cryptocurrency exchanges by trading volume, has announced a plan for the expansion of its token launch platform, called Launchpad, after more than a year-long break. The service will list at least one new project every month in 2019, Binance said in a blog post on Thursday. Screening process rules were also published.
To be listed on Launchpad, a crypto or blockchain project must meet the following requirements: “relatively mature-stage project development, readiness for large-scale adoption, a strong and committed team, potential to benefit the growth and development of the wider crypto ecosystem.”
The first new projects are the popular California-based file sharing provider BitTorrent and the UK blockchain network Fetch.AI. In July 2018, Tron Foundation, the body behind TRX cryptocurrency, bought the former, while the latter is a project affiliated with Outlier Ventures.
Binance users would be able to buy upcoming BTT coins of BitTorrent or Fetch.AI tokens after completing ID verification and meeting Launchpad’s eligibility requirements, most of which are related to regulatory rules in the customer’s residence area. The token platform is unavailable for the exchange’s clients in several regions, including the United States, China, Thailand, Serbia, Iran, Iraq, Syria, Afghanistan, and Belarus.
“The rates of exchange for the token sale will be locked in usually the day prior or on the day of each token sale, and locked-in rates for each session will be announced promptly,” Binance said in the post.
“[after receiving the coins] users will be able to either directly trade the token (if listed) or withdraw the tokens to their personal wallet once the tokens are unlocked.”
Binance Launchpad has listed only two blockchain initiatives so far: Breed, a project for a decentralized bank, which sold tokens worth of $6 million via Launchpad in late 2017, Binance data shows. The second project, Gifto, a coin inside streaming application Uplive, was also listed in 2017 and raised $3.4 million.
The Launchpad revival comes in a time when Binance is expected to launch soon its decentralized exchange and after the company has recently hired former Wall Street specialist Wei Zhou as chief financial officer (CFO).