Bitpanda Kicks Off Initial Exchange Offering with First Public Round
The BEST token will be native and instrumental to the expansion of the Bitpanda platform into a highly active trading provider.
Bitpanda, the Austrian brokerage service, kicked off the first round of the Initial Exchange Offering for its BEST token. Additionally, tokens will be distributed to verified Bitpanda users, and holders of the PAN token, the other utility asset issued by the exchange last year.
In the first IEO session, the BEST token will be offered at a price of 0.09 euro. The launch is offering 200 million BEST, of which more than 71% were sold hours after the sale started.
Bitpanda already raised 10 million euro in a private placement and will continue to offer tokens in two more public rounds. The second round starts July 16 at a slightly higher price of 0.095 euro, and the last session kicks off at a price of 0.10 euro and will run until August 6.
Bitpanda is one of the crypto-related services that has expanded both its staff and the features offered. Unlike other exchanges, the operator is also fully licensed to offer fiat services.
The BEST token will be used in base pairs, and offer 25% trading fees discounts. Another advantage of using BEST for trading fees would be the guaranteed base price, which will grow over the years. Thus, despite market fluctuations, BEST will have a fixed minimum price when used for trading fees.
Bitpanda will also constantly burn the BEST tokens received as trading fees, to decrease the supply. Over the years, depending on activity, Bitpanda plans to retire 50% of the total BEST supply.
Holding the token confers another advantage - the possibility to participate in further token sales on Bitpanda Launchpad. The new upcoming platform is part of Bitpanda’s drive to become a provider of investment opportunities, including tokenized real estate or other assets. The requirement is to hold a minimum of 5,000 BEST.
Bitpanda is yet to launch the Bitpanda Global Exchange, potentially repeating the model of Binance, where a native asset is boosting liquidity.