Poloniex Rolls Out IEO Platform LaunchBase; Can Only Purchase Using Tron’s TRX
- Tron Foundation announces the launch of its initial exchange offering (IEO) targeting Tron-based projects.
- The new IEO platform, LaunchBased, is expected to help mentor, nature, grow and market the projects.
After the recent announcement of their own Maker-like platform, DJED, the Tron Foundation is on to its next project, this time an IEO platform, LaunchBased. According to the company’s announcement on Medium, the new token launching platform will “help quality blockchain projects grow and further develop their ecosystem”. Poloniex will also offer professional guidance and advice in marketing and business matters.
We're proud to announce the release of #Poloniex #Launchbase🚀
The 1st project is newly launched #JUST, @Tronfoundation based decentralized #stablecoin lending platform! 🏦
…yeah we are 🤩
See the article for details 👇 https://t.co/qNtbMNyvKh
— Poloniex Exchange (@Poloniex) April 5, 2020
Initial Exchange Offerings (IEOs) are public offering aiming to raise capital (similar to ICOs) but are offered on a ready marketplace. IEOs were popularized by Binance exchange and caught on the market at a rapid pace causing massive controversies and debates along the way.
First application launched on LaunchBased
Poloniex is aiming to create a cohesive connection among projects, community members and industry-wide partners to seed and promote the adoption of quality cryptocurrencies worldwide. The Justin-owned (along with a conglomerate of businessmen from Asia) platform, was founded in 2014 and has since grown into the 16th largest crypto exchange in trading volumes.
However, a number of countries will be locked from accessing the service as the report states,
“All participants will be subject to eligibility and screening requirements. Unfortunately, due to local law requirements, members of certain jurisdictions may not be able to participate.”
The first platform to be listed on the IEO is Just (JST), a crypto lending platform that allows users to stake their TRX tokens and generate a stable coin, USDJ to a 1:1 ratio. The team further stated the only means of purchase of tokens during the IEO will be Tron (TRX) tokens and on a first in first served basis.