sludgefeed.com
Binance, the world’s largest crypto exchange, revealed Monday that the 9th initial exchange offering on the Binance Launchpad will be Troy (TROY), an upcoming crypto brokerage platform.
According to the announcement, the Troy token sale will follow the typical lottery and airdrop format, with daily BNB balances recorded for thirty days leading up to December 3. The ticket claim will begin on December 3, with the drawing and results announced on December 4.
The project plans to sell 8% of its total token supply in the IEO, or 800 million TROY, with a hard cap of $4 million. There will be 20,000 winning tickets, with each ticket worth 40,000 TROY, or $200 based on the sale price of $0.005 per TROY — giving the token a $50 million valuation.
Troy previously sold 12% of its token supply in a private sale in August, raising $8.4 million at a $70 million valuation.
As described by the project, Troy plans to provide “crypto brokerage services for institutional clients and professional traders with revolutionary products, including spot & margin trading, derivatives, data, custody, lending and staking in one account.”
For its part, TROY will give users access to the platform’s trading features. Users will also be able to stake the token to “maintain global broker-to-broker networks.”