Who needs an ICO when projects could raise millions within a few seconds on the Binance Launchpad hosted by the top crypto exchange.
According to an update by Binance, the Fetch.ai token sale was over in twenty-two seconds.
Given the 1 FET = 0.00858400 BNB ratio used for distributing the tokens, Fetch.ai has raised approximately $5.5 million from the token sale to build its blockchain based Artificial Intelligence (AI) solution.
Interestingly, the demand for FET tokens dwarfed the supply levels, even though the token sale required a user to pre-sign an agreed date before the token sale. Zhao revealed in a tweet shortly after the token sale,
“24000 people pre-signed the User Agreement, 19860 people successfully submitted a buy order, 2758 people got a piece.”
While the Fetch.ai token sale was sold-out in twenty-two seconds, it took 11 minutes and 14 seconds to complete the issuance of the token to the participants.
The numbers dwarfed the earlier record on the Binance Launchpad when Bittorent tokens affiliated with the TRON blockchain was sold out in 13 minutes and 25 seconds.
Binance had pledged to do its part in helping crypto startups and are achieving that goal through several means. We reported in January that the exchange organized a $100,000 blockchain hackathon for startups, before going on to launch a testnet version of its decentralized exchange last week.Never miss out on our daily crypto news, stories, tips, and price analysis. Join us on Twitter | Telegram | Facebook or subscribe to our weekly Newsletter.