Binance Launchpad Hosts Its Third ICO With Celer Network Raising $4 Million

Published at: March 19, 2019

Binance Launchpad, the token launch platform of the major global crypto exchange Binance, has completed a $4 million sale of Celer Network (CELR) tokens, the company wrote on March 19.

The tokens sale was completed in 17 minutes and 35 seconds, with all 597,014,925 CELR tokens sold in a single session.

As the company announced two weeks ago, the CELR token sale only accepted Binance’s own cryptocurrency Binance Coin (BNB), with each CELR token worth 0.000434 BNB or $0.0067 dollar equivalent. One BNB could purchase 2,303.35821 CELR tokens. The minimum investment amount was set at $20, while the maximum contribution amount was capped at $1,500.

Binance Launchpad is an exclusive token launch platform of Binance that is designed to help blockchain startups raise funding to develop products targeting cryptocurrency adoption. As such, Celer Network represents a layer-2 scaling platform that aims to enable off-chain transactions for both payment transactions and generalized off-chain smart contracts.

Previously, Binance Launchpad hosted two major tokens sales such as the Fetch.AI (FET) and the BitTorrent token (BTT). The BTT sale concluded on Jan. 28, with investors purchasing all 50 billion BTT tokens, worth of $7.1 million, in less that 15 minutes. The FET token sale raised $6 million dollars on Feb. 25.

At press time, Binance is the second largest crypto exchange by daily trading volume, having been slightly overtaken by Hong Kong-based OKEx. Yesterday, trading analytics platform The Tie published research claiming that 90 percent of trade volumes reported by crypto exchanges may be incorrect.

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