In an apparent effort to entice further participation from investors, Binance, has made some fairly dramatic changes to their token sale launch platform Launchpad…
Announced today the exchange that Launchpad would be changing its token sale format from its highly divisive first come first serve format to a fairer lottery based format that will hopefully provide a fairer experience for investors.
Binance explains in a blog post that the number of “lottery” tickets available to claim depends on the amount of BNB you hold in the 20 days before the day of the lottery. Participants can claimer a maximum of 5 tickets per eligible account.
The amount of BNB held relates directly to the number of tickets available to claim, for example, a holder of 100 to 199 BNB held over a 20-day period will be eligible for 1 lottery ticket.
Every day at 0:00 AM (UTC) a snapshot of user funds will be taken to ensure that holder both have the required amount of BNB and are holding it for the 20-day period.
If the amount of BNB drops within the specified time period, they’ll be put into a lower threshold.
For every project, Binance will announce the maximum number of potential ticket winners, and the allocation of funds to each winning ticket prior to the lottery draw, e.g.:
“10,000 potential winning tickets, each representing 500 USD worth of tokens. This will change for each project on Launchpad.”
Once allocated with a specified amount of lottery tickets, users will be given a 24 hour time period in which to select how may lottery tickets they wish to enter, with the tickets representing a commitment to purchase the corresponding amount of tokens e.g.:
“if User B puts in an entry of 5 tickets and only 2 tickets end up winning, they are committed to paying for 2 ticket allocations (in BNB) for the tokens.”
Tickets will be assigned with a multi-digit number and selected at random, drawn via a “transparent, randomized system with a random selection of lottery tickets.”
Essentially this new format allows for fairer distribution, but seemingly only for holders BNB, with some benefiting significantly from holding a larger stake.
For this reason, everyone is particularly happy with this new format:
So we have to hold a minimum of 100bnb to get just one ticket?! The lottery idea is great, although, this isn't fair @cz_binance .
— Niels (@nvds888) March 24, 2019
Still its is not an appropriate solution. @cz_binance you can't handle BINANCE launchpad until yet. Not satisfied.
— Asad Raza (@AsadBTC) March 24, 2019
Basically, Launchpad is now for the rich guys.
— Oguneko Stephen. A (@oguneko_stephen) March 24, 2019
Speaking out for those with small capital… this is NOT a healthy solution for the community at large 😥
— Bitcoin_Babe (@Bitcoin_Babee) March 24, 2019
Will address some of the questions/concerns/feedback in this thread.
Our new Launchpad model is not set in stone. It’s the result of multiple detailed discussions over the weekend, while considering all angles. We will consider suggestions and will make certain tweaks. https://t.co/2wfeyZUyZH
— CZ Binance (@cz_binance) March 24, 2019
What do you think of this new proposed model? Let us know in the comments!
Binance now lets users purchase crypto with credit card through Binance app
Binance has announced the ability for users to purchase cryptocurrencies through the Binance mobile application.
Not only is it possible to purchase cryptocurrencies with a credit card through the Binance exchange, it is now also possible to purchase cryptocurrencies through the Binance application.
Binance announced in a recent tweet that users can now make use of the application to purchase cryptos including BTC, ETH,XRP ,LTC and BCHABC are now possible through the Binance Android app.
— Binance (@binance) April 25, 2019
The new addition comes just months after the exchange added the ability to buy cryptos on the Binance website. In an attempt to make widespread adoption easier, Binance believes giving users the opportunity to buy directly from the exchange will help expand user growth.
Binance unveils new crypto exchange in Singapore, features limited
After much anticipation and months of waiting, the Binance Singapore crypto exchange is now live, but lacks a lot of features compared to the company’s main exchange, as first reported byTechCrunch.
Currently the Singapore exchange only offers the purchase of Bitcoin using Singapore dollars, a trading pair that limits the exchange greatly. The Binance Singapore website states that in order to buy this trading pair you must link your Xfers account, which is a Singaporean approved crypto wallet. Once you do this, the site claims that you’ll be able to buy and sell Bitcoin as much as you wish.
A spokesperson for Binance spoke to TechCrunch regarding the launch of Binance Singapore:
“Binance is excited to bring world-class blockchain technology to Singapore and we look forward to showcasing Binance’s tier one safety and security measures to the world. BTC/SGD is the initial pair Binance Singapore is offering with the soft launch and there may be more pairs added as regulations allow.”
Binance Singapore exchange allegedly only has one trading pair
Binance, one of the largest cryptocurrency platforms in the world, recently put out a crypto exchange in Singapore.
Moving out into the world
This news comes to us via TechCrunch, who also revealed that the platform only trades Bitcoin (BTC) as of now. Slightly odd considering how many assets the traditional Binance exchange trades.
Also, it was reported that for a short time after launch, nobody could pull out their assets. That issue appears to be gone now, however.
The Singaporean effort is thanks to Vertex, a venture capital firm that put money into the expansion. Since then, Binance has been testing the exchange in a beta format.
Fortunately, the platform has also been looking into fiat trading pairs. This is fantastic for accessibility and ensures more users will get participate in the market. Also, CEO Changpeng Zhao believes this is a great way to bring in “institutional money,” reports the publication.
Follow the leader
Singapore is Binance’s third expansion. The previous ones are in Uganda and Jersey, though one is set to launch in Lichenstein as well.
It’s quite surprising, however, to see this exchange launch with so few assets. Especially when you consider just how big Binance is and the fact that they’ve done this before.
Moreover, TechCrunch notes that Binance Singapore was due to a partnership with the Xfers cryptocurrency startup. With a base in Southeast Asia, this space previously worked with Coinbase to do the same thing. However, Coinbase split from their partnership as Xfers wasn’t “suitable in its current form to handle the growth.”
A representative from Binance spoke on the matter with a comment that TechCrunch revised:
“Binance is excited to bring world-class blockchain technology to Singapore and we look forward to showcasing Binance’s tier one safety and security measures to the world. BTC/SGD is the initial pair Binance Singapore is offering with the soft launch and there may be more pairs added as regulations allow.
Binance Singapore has full deposit/withdrawal functionality. For any functionality issues that may be user-specific, we encourage them to contact customer service for support.
With regard to Xfers’ prior partnership with Coinbase, Xfers is now able to handle volumes large enough to support Binance Singapore. In partnership with Xfers, we will work together to build a key fiat gateway that will grow the industry.”
Decentralization is key
Binance also put out a decentralized exchange, though it doesn’t offer much at the time. Moreover, the group has a blockchain as well that helps users create their own assets. This is a new space that will help users trade Bitcoin.