ICO Fever: Fetch.AI Token Sale Raises $6M in 10 Seconds on Binance Lanchpad
The platform from Binance offers a small selection of tokens, but causes immediate demand for new, promising digital assets.
The Fetch.AI token sale event on Binance Launchapd ended within 10 seconds - even faster than the few minutes it took to distribute BitTorrent Token (BTT). The quick filling of the queues shows that ICO investors are still keen on hand-picked tokens potentially promising active trading and returns.
Changpeng Zhao, CEO of Binance, was also astonished at the speed of the token sale event:
The startup team recapitulated the success of the event through its blog:
“69,179,855 FET tokens were sold in just 22 seconds with orders pledged by nearly 20,000 people. Of those orders, 2,758 separate contributors successfully bought FET tokens with orders processed by Binance in roughly 10 minutes. The sale raised $6 million for the Fetch.AI Foundation Pte. Ltd to further fund development of its economic internet for the machine economy.”
Fetch.AI aims to launch an autonomous, tokenized economy based on the data of smart devices, by also involving artificial intelligence to power smart, autonomous decision to trade and tokenize information. The FET token is the glue that brings together the AI-powered technology.
The FET testnet is already available, and the project has launched an app which connects smart device sensors to the testnet. For now, the sensors used mostly belong to smartphones, but Fetch.AI will aim to gather data from other connected devices as well.
The Fetch.AI project has cited regulations for its refusal to hint at a future listing. So far, Binance has not shown readiness to trade the token, but usually, the announcement would come first from the official channels of the exchange.
Due to the extreme interest in Binance Launchpad and its selection of tokens, the exchange will also spread in-depth analysis on the projects through a dedicated Telegram group:
Binance Launchpad has created new expectations for token sales, circumventing the risk of triggering securities laws by excluding some countries and regions, including US-based buyers.
Fetch.AI’s resounding token sale success comes at a time when many believe ICOs are investors are visibly cautious of contributing to token sales which do not entitle them to any equity or rights.