Binance Launchpad, the ICO token launch platform used to conduct the record BitTorrent ICO has completed yet another Initial Coin Offering. According to a blog post published on its website on March 19, Binance announced that it has completed a $4 million token sale of Celer Network (CELR) tokens via its ICO launch platform.
Details of the Celer Network (CELR) Token Sale
Per the announcement the ICO began on March 19, 2019, at 2:00 PM (UTC) and lasted for 17 minutes and 35 seconds as all 597,014,925 CELR tokens were sold in a single session.
#Binance Launchpad: @CelerNetwork Token Sale Resultshttps://t.co/xDL1oD4y2I
— Binance (@binance) March 19, 2019
During the token sale, only Binance Coin (BNB) was accepted as earlier announced; each CELR token was sold at 0.000434 BNB (approx. $0.0067 USD) at the time. Also, participants could invest a minimum of $20 (or about 2985 CELR tokens) and as much as 223,880.597 CELR tokens, the equivalent of $1,500.
The Celer Blockchain Scaling Project
Celer describes itself as the most advanced layer-2 scaling platform. One that enables fast, easy and secure off-chain transactions for not only payment transactions, but also generalized off-chain smart contract. Through innovations in off-chain scaling techniques, the Celer network enables developers to quickly build, operate, and use highly scalable decentralized applications.
The Celer team has launched CelerX, a testnet app that showcases the quick transaction process on the Celer Network and has a blockchain agnostic that currently supports Ethereum, DFINITY and all EVM-based blockchains.
The experience of Conducting ICOs on Binance Launchpad
Binance Launchpad was introduced by the world’s largest cryptocurrency exchange as a platform that allows blockchain and cryptocurrency projects to easily conduct token sales thereby raising funds without having to develop their separate infrastructure for it.
As Smartereum reported in January, the platform was used to raise a historic ICO for TRON-owned BitTorrent Token (BTT) followed by an ICO for a less known Fetch.AI (FET) token. The sale ended almost as soon as it started grossing around $7.2 million investment from participants. That token sale had two sessions which ran simultaneously; one for BNB users and another for Tron’s TRX users.
Although the TRON token sale which involved a total of 60 billion BTT tokens sold out within 15 minutes, Binance founder and CEO Changpeng Zhao said the demand for the BTT token was out of this world and that the sale would have ended in a matter of seconds if not for a technical issue encountered on the Binance Launchpad.
Although Binance and the Celer team have not gone public with any technical glitches during the token sale, some individuals have complained on social media that they were unable to participate although they came early enough.
“Love you Binance but it was a horrible user experience…You logged out people then those who sent in less than 40 [seconds] did not get in,” a user wrote on Twitter. Many others complained that they were placed on a queue and eventually couldn’t participate suggesting that the ICO ended long before the 17 minutes Binance quoted.
The token sale was unavailable to users in several countries including the US, New Zealand and Venezuela due to ICO jurisdiction.
Binance Lite Gets to Australian Users
In a related Binance news, the crypto exchange is reportedly expanding its “Binance Lite” service to allow Australian residents to purchase Bitcoin (BTC). The new service will allow Australians to buy bitcoin with fiat money from more than 1,300 supported newsagents within the country.
Binance Coin (BNB) Price Today /USD
At the time of writing, Binance Coin (BNB) is trading at $15.25 to the US dollar. Despite the news, BNB is down about 4% since yesterday and has been flipped by Stellar in the cryptocurrency rankings. With a total market cap of $2,152,668,114, BNB is currently ranked as 8th most valuable coin by market cap. The 24-hour trading volume of the BNB increased by over 60% in since the last 2 days thanks to the CELR token sale.
Solomon Sunny is the market reporter for Smartereum, one of the global leaders in Ethereum, blockchain and currency news. He produces technical price updates on digital currencies and writes recent developments about blockchain.