Binance Launchpad Sees Its Third ICO for Celer Network Raise Multiple-Millions in CELR Tokens
Another successful cryptocurrency launch has been made on Binance today. After two successful launches, it was the time for the Binance Launchpad to host a new Initial Coin Offering (ICO): Celer Network (CELR).
According to Binance’s blog post, the token sale was very quick, as always, and it was able to raise $4 million USD selling CELR tokens. Binance has revealed that the token was completely sold out in only 17 minutes and 35 seconds. This means that if you were not quick enough to place your orders very fast, you may have lost your chance to use the platform.
Certainly, this can be considered to be a “positive problem” since the company was able to sell out the tokens in less than a full hour all three times so far, however, some users complain that it is difficult to have access to the tokens as they are sold out simply way too quickly.
The sale saw a total of 597,014,925 CELR tokens being sold. Only the own token of the exchange, Binance Coin (BNB) was accepted in the sale and each token cost exactly 0.000434 BNB tokens (around $0.0067 USD, less than a full penny).
With a single purchase, a person could buy 2.3 million tokens, as the maximum investment was $1,500 USD, a cap that had to be lowered down in order to let more investors participate in the sale. The minimum investment was $20 USD.
The Celer Network is a new project which is set to be a layer 2 scaling platform that will perform off-chain transactions to make payment transactions and smart contracts faster. Think about it like the Bitcoin Lightning Network, except useful for several different kinds of altcoins, as well as Bitcoin.
About Binance Launchpad
The Binance Launchpad was a token launch platform which was created in 2019 to help companies to properly launch their tokens in the market. So far, it has been an incredibly successful platform.
Binance has launched two major tokens before the Celer Network. One of them is Fetch.AI (FET) and the other was the famous BitTorrent (BTT) token launch. The BTT sale lasted less than 15 minutes and only wasn’t faster because the systems could not handle so many transactions at the same time.
BitTorrent was able to raise $7.1 million USD from selling 50 billion tokens while FET tokens raised $6 million USD.
At the moment, we do not know which token will be sold in the upcoming fourth sale of the Binance Launchpad. One fact is certain, though, it will most likely be a huge success just like the three tokens that have been sold out so far.
Binance is generally the largest crypto exchange by volume in the world. However, in the last 24 hours, the king has lost its place, as the Hong Kong-based OKEx is taking the first place and Binance is only the second one in volume. However, a report published yesterday affirmed that 90% of all trading volume is fake, so who knows, really?