Crypto exchange Binance has announced its own token launch platform called Binance Launchpad. The platform is aiming for “at least one new token launch every month in 2019, starting with BitTorrent and Fetch.AI.”
— Binance (@binance) January 3, 2019
The Launchpad platform aims to “help blockchain projects raise funds and increase their reach across the crypto ecosystem.” It will do this by offering a project’s tokens to its user base. Today, that user base encompasses over 10 million users.
Binance claim that the Launchpad platform will also be used for more than just token offerings, stating: “It’s also a full advisory service for projects, which will benefit from our insights and experience. We ensure that the projects can focus their efforts on where it matters: developing their product and increasing adoption.”
BitTorrent and Fetch.AI
The first two tokens to be offered will be BitTorrent and Fetch.AI.
BitTorrent is a TRON-affiliated blockchain project for peer-to-peer file sharing. BitTorrent’s protocol aims to “empower a new generation of content creators with the tools to distribute their content directly to others on the web.” The BTT token will allow BitTorrent peers to incentivise activities that lead to better file sharing.
Fetch.AI is an artificial intelligence-driven, decentralised blockchain network. The aim of this project is “to provide use cases for hospitality, transportation, energy, and supply chain sectors.”
In their blog announcement, Binance also mentioned that before a project’s token becomes available on Launchpad, the project will have to go through a rigorous review process to determine if it meets Binance’s standards.
The review process will cover things such as, “whether the project is at a relatively mature stage of development, readiness for large-scale adoption, a strong and committed team, and a potential to benefit the growth and development of the wider crypto ecosystem.”