DeFi project Kava looking to raise $3M via IEO on Binance Launchpad
October 16, 2019, 7:11AM EDT
1 min read
Kava Labs, a decentralized finance (DeFi) project that offers collateralized loans and a stablecoin, is looking to raise $3 million via an initial exchange offering (IEO) on Binance Launchpad, the exchange’s token sale platform.
The IEO opens on Oct. 23, at an issue price of $0.46 per KAVA token, according to information on the Binance Launchpad website. Kava is looking to offload 6.52% of its total token supply for the IEO.
Previously, Kava Labs has raised a total of $5.48 million in three private token sales. It is backed by notable investors, including Ripple and Arrington XRP Capital, among others.
Kava's IEO is the tenth token sale on Binance Launchpad, according to The Block's research, and the previous nine IEOs have raised a total of $49 million.
Source: The Block Research
IEOs have become a theme of 2019, with around 270 blockchain projects raising funds via the method so far, according to The Block’s research. And out of the 35 IEOs launched on legitimate exchanges, nearly 90% of them have lost more than half of their value compared to their all-time highs.
Binance, which popularized the concept of IEOs, by far has had the highest average USD return, while Bittrex the lowest, per The Block’s research.