By Shelly Melancon (Switzerland)
Binance Launchpad Token, Coin98, has been listed by the leading crypto exchange after undergoing a launchpad sale. During the launchpad sale, Binance revealed that over 4 million in Binance Coin ($BNB) amounting to $1.2 billion was committed. Moreover, Coin98 recorded a massive surge as soon as it opened up for trading.
As of press time, Coin98 traded at $0.80 after suddenly rising by over 1000% to a peak of $3, according to price data. During the launchpad sale, it had sold for $0.075. The increase to $0.80 represents a 10-fold spike on the launchpad sale price.
Binance’s Launchpad features discounted sales of tokens being introduced to the public for the first time, which is also referred to as Initial Public Offering (IPO). For Binance, only the holders of the Binance Coin (BNB) will be able to gain access to Launchpad tokens. In essence, these tokens can only be purchased with BNB. However, the Launchpad could also feature tokens which are already in circulation, but are being sold at discounted prices.
Coin98 Token Pools 4 Million BNB at Launchpad Sale
The Launchpad sale of Coin98 attracted over 50,000 investors and pooled a total of $1.2 billion, the dollar equivalent of 4 million BNB. Although tokens that are introduced on the platform through its Launchpad are vulnerable to the massive price volatility, Coin98 has witnessed a large transaction volume. Available data on Binance exchange pegs transaction volume at over $170 million and about 190 million traded Coin98 tokens.
Coin98 hopes to create a cross-chain liquidity protocol across various networks such as Ethereum, Solana, Tron and Binance Smart Chain. The Coin98 token will serve as a native token used for paying transaction fees on the protocol. Holders of the token will be able to participate in key decisions within the Coin98 community, and also be entitled to membership levels as they continue to hold the token. The token has also been listed on other exchanges like Gate.io and MXC.
Binance Survives Regulatory Sharks
Meanwhile, Binance has been able to survive the regulatory sharks that have preyed upon it within the past few weeks. Notwithstanding, the exchange did not come out unscathed as it had its operations halted in the UK and the Ontario region of Canada. Binance also had some of its partnerships and payment services suspended during that period.
There have been no regulatory challenges since this week started. It would seem that the leading crypto exchange has finally cowered to the pressures being mounted on it to register its operations with regulatory bodies. During its travails, CEO of the exchange, Chanpang Zhao (CZ) noted that ‘compliance is a journey.’ Binance also recently launched an NFT marketplace, both custodial and non-custodial, which have been well-received by members of the community.
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