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The AI and Digital Economics company Fetch.ai has conducted an Initial Coin Offering (ICO) on Binance Launchpad. 69,204,152 FET were sold to token sale participants in just 11 minutes and 14 seconds. The information was released by Binance in a blog post on February 25.
Fetch.ai Launches FET Tokens on Binance Launchpad
According to Binance, the Fetch.AI token sale has been a success. In just 11 minutes and 14 seconds, the company was able to sell almost 70 million FET tokens to 2,758 individuals. However, there were 24,000 individuals pre-signed and 19,860 was able to submit a buy order.
With just 1 BNB, users could purchase 116.5 FET tokens. At the time of the sale, each FET was priced at 0.008584 BNB. The Binance Coin (BNB) is a virtual currency created by Binance and that allows users to reduce the fees paid at the exchange. Investors can also use BNB tokens to purchase ICO tokens on the Binance Launchpad platform.
Fetch.AI works with machine learning (ML), artificial intelligence (AI), multi-agent systems, and Blockchain technology. The main intention behind it is to create an economic internet where digital representatives of the economy’s moving parts can get useful work done. These moving parts include data, hardware, services, people and also infrastructure.
On Twitter, Changpeng Zhao, the CEO of Binance wrote:
“It was over in about 10 seconds. The queue was totally packed within seconds. The processing is just draining the queue slowly. Congrats to Fetch.AI.”
It was over in a about 10 seconds. The queue was totally packed within seconds. The processing is just draining the queue slowly. Congrats to @fetch_ai !
— CZ Binance (@cz_binance) February 25, 2019
The @fetch_ai token sale on #Binance Launchpad took 11 minutes and 14 seconds to complete 🏁
Thank you to everyone who participated in the sale. This is just the beginning 🚀 pic.twitter.com/RSp4VMkfx3
— Fetch.AI (@fetch_ai) February 25, 2019
Although this is very bullish for Fetch.AI, the Binance Launchpad platform seems not to be working in a very smooth way. There are some users on social networks that are complaining about this issue. @KhanXXIII wrote that he bought BNB twice after waiting hours to buy BitTorrent Tokens (BTT) and Fetch but he was not able to purchase none of them.
Why can the common investor never buy anything on Launchpad. Lost value in BNB twice in a row after waiting hours to buy both BTT and Fetch and not being able to. #disaster
— XXIII (@KhanXXIII) February 25, 2019
A few weeks ago, BitTorrent held an Initial Coin Offering (ICO) on the Binance Launchpad. During the ICO, thousands of users were not able to purchase the BTT tokens sold. Binance Coin and Tron (TRX) were the only coins available to purchase BTT tokens. Thus, the price of these digital assets grew substantially the days before the token sale and dropped more than 10% the minutes and hours after the ICO. While Binance have a few things to improve about their launchpad, its nice to know that there are still projects being developed on a bear market.
If you’re interested to purchase Fetch AI tokens, you can use the Binance OTC service, but you need to have a high budget.