On Thursday (3 January 2019), crypto exchange Binance announced its own token launch platform, which is called “Binance Launchpad”. This platform plans “at least one new token launch every month in 2019, starting with BitTorrent and Fetch.AI.”

Binance says that the Binance Launchpad platform “helps blockchain projects raise funds and increase their reach across the crypto ecosystem,” and that it does this by “offering a project’s tokens” to its userbase (currently, there are over 10 million users). This gives Binance users “the chance to be part of potentially game-changing projects.”

Binance also says that Launchpad is more than just a token launch platform: 

“It’s also a full advisory service for projects, which will benefit from our insights and experience. We ensure that the projects can focus their efforts on where it matters: developing their product and increasing adoption.”

The first two tokens to be offered on Binance Launchpad are for BitTorrent and Fetch.AI.

BitTorrent is a “TRON-affiliated blockchain project for peer-to-peer file sharing,” and its protocol is “empowering a new generation of content creators with the tools to distribute their content directly to others on the web.” BitTorrent’s new BTT token “will allow BitTorrent peers to incentivize activities that lead to better file sharing, like using faster networks and enabling longer seeding periods.”

As for Fetch.AI, which is backed by Outlier Ventures, this is “an artificial intelligence-driven, decentralized blockchain network, wherein the economic activity is performed by Autonomous Economic Agents (AEAs) — digital entities that can transact without needing human intervention and can represent themselves, devices, services, or individuals.” The aim of this project is “to provide use cases for hospitality, transportation, energy, and supply chain sectors.”

Binance also says that before a project’s token becomes available on Binance Launchpad, the project “goes through a rigorous review process to determine if it passes through Binance’s standards.” Examples of Binance’s requirements are: 

  • “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”

Here is how users can take part in Binance Launchpad’s token offerings:

  1. Complete Binance account verification (“to ensure that token sales are being done in compliance with regulatory requirements in users’ jurisdictions”)
  2. Go to the Binance Launchpad website to see what tokens are available
  3. “Click the project page and study the details”
  4. To buy a particular token, click the ‘Buy Now’ button

Here are a few things worth noting:

  • “Each user can contribute up to a certain maximum amount in each token sale round — an amount that will vary from project to project — to give more users a chance to participate in each sale. 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.”
  •  “The token sales will work in a ‘first-come, first-served’ format, whereby the first users to click the ‘Buy Now’ button will be able to buy a certain amount of each project’s tokens. The sale will continue until the total token amount displayed on Binance Launchpad runs out, at which point users will not be able to contribute anymore.”
  • “Each project will go through the rigorous token listing review process, after which 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.”

 

Featured Image Courtesy of Binance