- Binance is relaunching its token sale platform Launchpad to have more engagement with the project and a very diligent selection process
- Binance will be advising projects on token allocation, governance structure amongst other aspects
- Launchpad will reportedly have at least one new token sale every month in 2019 starting with BitTorrent and Fetch.AI
Binance, the largest cryptocurrency exchange, is relaunching its token sale platform Launchpad, the firm announced Thursday.
The Launchpad platform originally went online in August 2017 and facilitated two token sales — BREAD and GIFTO — in the midst of the ICO mania at the end of 2017. BREAD raised $6 million, whereas GIFTO raised $3.4 million. Both sold out in seconds, according to the firm. The platform has been redesigned from the ground up to allow for more engagement with project teams and it will aim to “help blockchain projects raise funds and increase their reach across the crypto ecosystem,” according to Binance.
It’s noteworthy that Binance is relaunching the platform given the state of the token sale market. Data from Autonomous NEXT shows ICO fundraising fell to $300 million in September of last year from an all time high of about $3 billion in January 2018. Billionaire Mike Novogratz, head of Galaxy Digital, recently went as far as to declare the ICO market dead. His firm closed its ICO advisory unit in 2018.
Still, Binance is going through with the relaunch of its token sale platform. In addition to having access to Binance’s 10 million users, clients will be able to utilize Binance’s advisory services aimed at assisting firms with “developing their product and increasing adoption.”
Binance will advise projects on token allocation, governance structure and other aspects. Still, prior to any project’s sale, it must pass Binance’s “rigorous token listing review process” that includes mature-stage project development, readiness for large-scale adoption, a strong and committed team as well as having the potential to benefit the crypto ecosystem as a whole.
Not all Binance users can participate in the token sales though as there are 29 countries — including United States, China — that will not be able to participate.
Users that want to participate in a sale must complete an account verification. The tokens will be available for purchase in Bitcoin, Ethereum, Binance Coin and potentially other cryptos. Launchpad will have “at least one new token launch every month in 2019.” It is starting with sales for BitTorrent and Fetch.AI.
Frank Chaparro contributed to this report.