The cryptocurrency exchange, Binance has been in the limelight quite a lot during the past few days, mostly for distressing reasons. This time however, the situation is the complete opposite as Binance Launchpad coins have managed to fetch massive returns of 620% and 787%, from the exchange’s launchpad through initial exchange offering (IEO).
The CEO Changpeng Zhao took to twitter to congratulate all the Binance Launchpad projects for their remarkable returns.
It was over in a about 10 seconds. The queue was totally packed within seconds. The processing is just draining the queue slowly. Congrats to @fetch_ai !
— CZ Binance (@cz_binance) February 25, 2019
The Binance Launchpad
Binance describes its Launchpad initiative as a “token launch platform for transformative projects”. Simply put, it means the platform is specifically focused on providing startups in the blockchain space with everything they need, from knowledge to networking, in order to raise funds via an ICO.
This initiative was launched with an aim to aid and guide budding projects in the crypto industry, as they are vulnerable and in need of resources, promotion and in some cases even a sense of direction. The ethos behind Binance Launchpad is that the idea to finance could be remarkable but it would amount to nothing without proper and quality support.
The Launchpad provides the exact resources that are needed by any new project. In addition to valuable resources, it provides projects with a chance to showcase their idea In front of 10 million Binance users and potential investors. However where Binance, one of the world’s largest crypto exchange by daily trade volume, offers so much resources on a silver platter, it also makes sure that the projects that are reaching its large audience are worthwhile.
The exchange claims that the process of selecting which project gets to utilize the Launchpad is quite rigorous but it doesn’t specify what does ‘rigorous’ exactly entails in this case. However there are some factors that are purportedly considered important by Binance are:
- Relative maturity of the project development
- Readiness for large-scale adoption
- A strong and committed team
- Potential to benefit the growth and development of the wider crypto ecosystem
In addition to that, Binance also focuses on providing their vast pool of users with a complied detailed review of each launched or listed project on their platform. The reason is to provide an insight to the users as to why exactly a particular project has been chosen to be backed by the Launchpad infrastructure. The reviews also help the users in deciding whether they would want to invest a part of their holdings in a certain project.
The Launchpad initiative has been live since 2017 and has helped in launching projects like BRD, which is aiming to reinvent and revolutionize banking by building a blockchain synced Bitcoin-based wallet. This will ultimately decentralize banking, and in turn make it accessible to everyone. Another project that the platform helped to launch was Gifto, the decentralized platform that aims to help Internet content creators in monetizing their work.
Successful ICO’s on the Launchpad
Binance Launchpad offered their supported and resources to the famous BitTorrent. The peer-to-peer file-sharing platform that was recently purchased by TRON’s Justin Sun, for $140 million for its native BTT token. BitTorrent’s token sale was done by both Binnace and Justin Sun. The entire ICO supply of 59 billion tokens ended up getting sold in mere 20 minutes and the sale even caused the exchange to experience minor technical difficulties. Apparently the process would have ended in seconds, were it not for the glitches. BTT, since its token sale, has made whopping returns of 787%.
Another project that managed to make it to the Launchpad was Fetch.AI, a project that is a combination of the blockchain technology and artificial intelligence. The project aimed to deliver data or provide services using “smart ledger technology” in exchange for Fetch Tokens, the network’s native cryptocurrency. The ICO for Fetch Tokens (FET) reached its hardcap in less than 30 seconds, those who bought it off the launchpad have fetched 119% returns on their investment.
Celer Network is a layer-2 scaling platform that enables fast, easy and secure off-chain transactions for not only payment transactions, but also generalized off-chain smart contract. Celer (CELR) managed to gain 126% gain from its Launchpad price.
Matic Network, which provides scalable, secure and instant Ethereum transactions using Plasma side chains and a Proof-of-Stake network, also generated 620% gain from its Launchpad prices.
Considering the history of all the insanely successful ICO’s, it is understandable why Binance’s Launchpad is sought by projects in the crypto and blockchain space. Not only does it give direct access to thousands of potential investors, it also gives the project automatic credibility because everyone knows that it’s incredibly hard to be listed on Binance.
Binance’s Resilience Post Hack
Despite having faced a recet critical security breach, Binance seems to be coming out strong and maintaining people’s faith in the platform. In spite of the hack that costed the exchange 7,000 Bitcoin (BTC) from hot wallets, Binance coin (BNB) showed 40% of increase in its price right after the security incident. It’s crystal clear that the value in Binance overall is the professionalism and competence of Changpeng Zhao and the Binance team.