IEOs on Fire: Celer Network Token Sale Raises $4M From 39,000 Buyers Through Binance Launchpad

The Binance platform offering hand-picked crowdsale projects, added another asset, raising $4 million’s equivalent within minutes.

Binance Launchpad has completed yet another initial exchange offering (IEO) this year, the latest being the Celer Network project. Celer Network (CELR) tokens were purchased in a single session, launched at 02:00 UTC on Tuesday. The token sale was open to holders of Binance Coin (BNB), and within minutes raised the equivalent of $4 million.

CELR is the third coin offering by the platform this year, following the extreme success of BitTorrent Token (BTT), and Fetch.AI (FET). The two previous assets were listed on Binance within days of completing the token sale, though in limited pairings.

“At the time of the sale, one CELR token was priced at 0.000434  BNB. Allowing 1 BNB to purchase 2,303.35821 CELR tokens. Launchpad participants were able to purchase between 2985.074626865672 CELR tokens (the minimum amount eligible for purchase) and 223,880.597 CELR tokens (the maximum amount),” Binance announced.

The CELR token event, however, suffered from technical difficulties, as all users did not manage to buy tokens, and some were logged out of their accounts during the event. An informal poll on social media suggests that the event should be repeated, to give another chance to potential buyers.

The heightened interest in CELR has also created a new round of scams, and the project team warns against sending funds to a fake token sale. There is no open token distribution for CELR beyond the recent sale on Binance, the team reminded:

The series of token sales is one of the factors boosting the price of BNB, which stabilized around $15.25 after a strong rally in the past months.

The Celer Network project is a next-generation idea based on previous problems with scaling on already existing networks. The project will use off-chain settlement, to achieve fast transactions both for value transfer and for applications. The transactions will then be secured on the Ethereum (ETH) blockchain.

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