On March 24, the Celer Network conducted its ICO on Binance’s Launchpad platform, when it managed to raise a substantial number of tokens in a very short period of time.
ICO platforms continue to gain in popularity and people interested to invest in promising projects see them as a reliable place. Binance’s Launchpad had been a great success thus far, with 8 ICOs managing to raise enough funds through the platform. People who do not want to trade cryptocurrencies through the FXVC broker, forex.com, or another company, can invest directly in an ICO for a substantial discount.
Celer Network explained
Celer promises to offer a leading layer two scaling platforms, for fast, easy, and secure off-chain transactions designed for payments and generalized off-chain smart contracts. The project was founded by four PhDs from MIT, Princeton, UC Berkeley, and UIUC, and enables highly-scalable decentralized applications with zero off-chain transaction fees.
It also claims to be the first off-chain crypto economics model to ensure safety and high liquidity, with support for Ethereum, DFINITY, and all EVM-based blockchains. With its declared mission of fully-unleashing the power of the blockchain technology, and revolutionize how decentralized application perform, Celer managed to attract a lot of Binance clients during the ICO.
Tokens sold in record time
According to the information available on Binance’s blog, the token sale had been conducted through a single session, where clients were able to purchase CELR tokens using BNB (Binance Coin). Within 17 minutes and 35 seconds, all 597,014,925 CELR tokens were sold.
With a token price of 0.000434 BNB or 0.0067 USD, the company managed to raise $4 million and now has enough funds to implement its project.
Any Binance client, except those from certain jurisdictions mentioned on their website, are able to take part in similar ICOs, but given the fast pace the tokens are being sold, one who wants to get involved must make the purchase right when the ICO starts.
Following the success of Celer, the Matic ICO will follow on April 24th. Thus far, Launchpad conducted a series of interesting ICOs like GIFTO, Bread, BitTorrent, and Fetch.AI. The demand for tokens backed by Binance does not mirror the ICO market situation, where companies are struggling to raise funds after the bear market of 2018. It is expected that new ICO portals or platforms will appear throughout 2019 since it seems to be the only way people trust to invest in new startups.