Binance, the world’s largest cryptocurrency exchange by volume, has completed its Initial Coin Offering (ICO) and raised a total of 15 million euros. The ICO was conducted over a two-month period from July to September and was open to accredited investors from around the world.
A total of 2.5 million Binance Coins (BNB) were sold during the ICO, with each BNB token priced at 0.01 euro.
The BNB token is an ERC20 token that will be used on the Binance exchange to pay for transaction fees. Binance plans to use 20% of its profits each quarter to buy back and destroy BNB tokens, until 50% of the total supply (100 million BNB) is destroyed.
The 15 million euros raised in the ICO will be used to fund the development of the Binance exchange, as well as marketing and other expenses. Binance is currently in beta testing and is expected to launch in early 2018.
So far, ICOs have been an incredibly successful way for blockchain projects to raise capital. In 2017, a total of $5.
6 billion was raised through ICOs, with the majority of funds being raised in the second half of the year.
The successful completion of the Binance ICO shows that there is still strong interest from investors in funding new blockchain projects. With its large user base and low fees, Binance is well positioned to become a leading cryptocurrency exchange in the years ahead.