Crypto exchange Binance has recently rolled out Launchpad, a token launch platform developed to support blockchain startups in raising funds and broaden their reach in the crypto sphere.
As detailed in the firm’s blog post published January 4, Binance Launchpad will be offering one new token to over 10 million Binance users every month beginning 2019, in an effort to help blockchain projects generate funds.
As explained in the post:
“We do this by offering a project’s tokens to up to more than 10 million Binance users. With this platform, we grant our users the chance to be part of potentially game-changing projects.”
The Launchpad platform is only limited to certain countries, as 29 territories including the U.S. are prohibited from participating in token sales, the firm noted. The concept behind Binance’s latest offering is to concentrate on blockchain-based projects that drive the development and adoption of the nascent technology. Currently, the firm already supports around 21 startups through its investment arm, Binance Labs.
Among the first tokens to be rolled out from the Launchpad platform includes BitTorrent, the P2P blockchain file sharing network affiliated with Tron. As originally intended, the token serves as an incentive to content creators as well as for participating in activities that would further improve file sharing like extending seeding periods.
As it stands, BitTorrent currently has over 100 million active users each month across more than 138 territories. By supporting BitTorrent, the company aims to expand Tron network’s user base, positioning it to become potentially the largest across the globe. Currently, TRX has seen a 9 percent price increase, following BitTorrent’s inclusion in Binance’s Launchpad platform.
Fetch.AI, a decentralized artificial intelligence-driven blockchain network, is also among the tokens to be launched from the Launchpad platform. As detailed in the post, the platform will leverage on Autonomous Economic Agents (AEAs) to facilitate transactions without any human intervention. While the platform is still considered experimental at best, it is expected to offer use cases across multiple industries, including transport, hospitality, supply chain, as well as the energy sector.
In order for a project to be included on the Launchpad platform, startups need to satisfy a number of set standards, including:
“A relatively mature-stage project development, readiness for large-scale adoption, a strong and committed team, and the potential to benefit the growth and development of the wider crypto ecosystem.”
With Launchpad’s strict criteria implementation, such initiatives may help weed out fraudulent projects that have persistently plagued the ICO industry over the years, setting a benchmark for successful projects while positioning Binance as the arbiter of the crypto sphere.