Cryptocurrency Exchanges continues to expand
The cryptocurrency and asset exchange Binance has added new tokens to its platform, as the exchange shows no sign of slowing down. There as been a year long bear market in the growing cryptocurrency industry, but it continues to innovate and nurture upcoming projects in these early developing phase.
The Exchange has introduced a new offering called the Launch pad which is a token based launch platform, that helps Blockchain projects raise funds and increase its reach in the global economy and crypto ecosystem. The platform is set to surmise a new token each month during 2019, as was mentioned on the official blog post.
All projects that meet the criteria’s will be introduced to Binance’s huge user base, which has an estimate of over 10 million user todate. As was stated by the company:
“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 great game-changing projects.”
There is currently a long list of countries consisting of 29 different countries in total including the US, that are still not permitted to participate in the token sales on the “Launchpad” platform. The project is set to focus primarily on the further developments and adoption of crypto assets. Binance currently supports 21 projects via the investment division in its Binance Labs.
The Binance platform has two projects ready to be Launched
The first token that the platform will be launching is the new BitTorrent token (BTT), which was made on the Tron Blockchain file sharing network. The new BTT token will be used to incentivise the content creators and activities that lead to a better file sharing system such as seed extensions. The BitTorrent project currently has 100 million monthly active users that is spread across more than 138 countries. This was possible through the Tron network that is aiming to serve the expanding market and its potentials to the global economy. The TRX platform has enjoyed a great increase of 9% gains at the time of writing.
Another token to make the project on the Binance Launchpad is the Fetch AI, which is a decentralised artificial intelligence based Blockchain network. The AEAs (Autonomous Economic Agents) will be employed to transact without any human intervention, while representing devices, services and individuals. The project is currently very experimental but the use cases for it regarding Transport, supply chain and hospitality are impressive.
In order for a project to be accepted by Binance it needs to be in accordance with a few strict standards , which include:
“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.”
Initially it may seem as if the platform is rather cherry picking ICO’s , while giving the tokens an initial boost on the exchange. However, this may help to weed out any scam projects that have been giving the ICO business a bad name over the past few years. The Binance platform is set to become one of the largest arbiters of crypto assets with massive support from the crypto community and the changing financial system.