Only those spending the most allowed were able to participate. All tokens were sold in less than 15 minutes. Users in over 35 countries are banned from purchasing tokens in the public sale:ĭuring the BitTorrent Token (BTT) initial coin offering ( ICO) hosted on Binance Launchpad, a number of individuals were unable to successfully purchase BTT.
If every participant spends the largest amount possible, less than 2,000 people will be able to purchase FET during the public sale. This amounts to approximately 34,602.07612457 FET. (In the whitepaper, it was announced that the total to be raised by FET during the public sale would not exceed $6 million.)Īn individual will allegedly be able to spend a maximum of $3,000. This means that just under $5,999,999.97 will be raised if all FET is sold. One FET will sell for a reported USD($)0.0867.
The former has now been announced for Feb 25.Ħ9,204,152 FET will be available for purchase. In last month’s Binance Research report, it is stated that a public sale and a distribution of tokens are to commence in Feb 2019. This has led to speculation that there may be mismanagement of funds.įurther (FET) Token Sale Details on #Binance Launchpad /73phDo20XD- Binance FebruForthcoming Public Sale 6.38 percent of the total supply of FET was sold for another $974,975 and 24,596.49 ether coins.īetween these four private sales, 11.62 percent of the total supply of FET was sold.Īs reported by Binance Research, around 85 percent of these funds were spent by the FET team within five months after the completion of the final sale. Subsequently, three Simple Agreement for Future Tokens (SAFT) sales were held as part of a sale restricted to private investors between Apr and July 2018. 5.24 percent of the total supply of FET was sold. It lasted until Apr 2018 and raised $2,058,587 in fiat. In 2017, Fetch.AI began seed fundraising.
This follows four private sale rounds which took place between 20. Just over six percent of the total supply of FET is going to be available for sale. Additionally, the exchange is staking its reputation behind the projects on its platform, offering a higher degree of trust behind the project.įor a project looking to raise funds, an IEO offers the promise of an immediate userbase that can see their product, and depending on the size of the exchange’s audience, could mean that the project can reduce their outside marketing funnels for fundraising, allowing them to focus only on the development of their product.On Feb 15, 2019, Binance announced a public sale for Fetch.AI (FET), which will commence on Feb 25, 2019, at 2:00 PM UTC. Instead, a user only needs an account on the exchange and some funds in their account and can participate completely through the trusted website’s interface. The ICO fever in 2017 proved to be a very high-risk environment for individuals wanting to participate in new blockchain project token releases, from accidentally sending funds to the wrong wallet, or some project teams absconding with funds.įor a user, an IEO is easy to participate in as they don’t need to manage on-chain transactions with different wallets on different blockchains. In contrast to an Initial Coin Offering (ICO) where the project team themselves conduct the fundraising, an Initial Exchange Offering means that the fundraising will be conducted on a well-known exchange’s fundraising platform, such as Binance Launchpad, where users can purchase tokens with funds directly from their own exchange wallet. An Initial Exchange Offering, commonly referred to as an IEO, is a fundraising event that is administered by an exchange.
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