BitPanda’s First Round of BEST IEO Registers 71% Success, Hours after Going Live
Having raised €10 million during the private sale, Bitpanda’s BEST IEO first-round public sale kicked off in earnest on July 14. The first phase of this Austrian brokerage firm’s BEST IEO happened pretty fast with over 70% of the 200 million BEST tokens getting snapped up quickly.
More than 15,000 investors have taken part in the IEO already, in less than 24 hours the price will increase as the IEO enters phase 2! Less than 60 million BEST are left in phase 1 for just €0.09 per coin, don’t miss out and take part now at https://t.co/kn1PdMt9A4 #IEO $BEST pic.twitter.com/kiVHh6OTKr
— Bitpanda (@bitpanda) July 15, 2019
During the first IEO session, each BEST token was going for 0.09 euro, which was the cheapest offer. According to Bitpanda’s Twitter outlet which provided periodic updates, over 71% of the BEST tokens were sold in hours after the sale went live. Over 15,000 investors had taken part in it as well!
The end of the first phase of the BEST IEO sale marked the start of the second round and inherently increased the price to 0.10 euro. However, the first round had largely been a success because, aside from attracting over 15,000 investors, just about 60 million BEST tokens hadn’t been purchased.
This second round will run until August 6 and all tokens will be issued to verified Bitpanda users as well as anyone holding PAN token. BEST is the platform’s native token and is highly billed to be instrumental in expanding the exchange’s image globally.
Already, BitPanda, being among the largest crypto-based services, has greatly increased its staff and services it offers, signaling a positive growth. Furthermore, this exchange, unlike many of its peers, is completely licensed to provide fiat services as well.
The Benefits of Holding BEST Tokens are Immense
Used in base pairs, BEST tokens will ultimately benefit their holders, especially with the 25% trading fee discounts. Another huge benefit with them on trading fees is the assured base price that is certain to grow as the years go by. In the end, the token will be immune to volatilities and will only have a fixed minimum price every time it is used.
Bitpanda’s model of constantly burning BEST tokens they receive in form of trading fees is great, not just because it decreases supply, but for the long-term demand of the token. The exchange could also retire half of all BEST tokens in the market in the future.
But probably the best benefit among them all is the advantage that a holder has. With a BEST token, one is assured of participating in all future token sales via Bitpanda Launchpad. The Launchpad is part of the Vienna-based exchange’s effort to also offer investment opportunities to traditional sectors, including real estate. For eligibility, however, one has to hold at least 5,000 BEST tokens.
Meanwhile, Bitpanda is getting ready to launch Bitpanda Global Exchange, similar to that of Binance.