cryptoglobe.com
Party like it's 2017 because on Monday (February 25th), UK-based "Artificial Intelligence and Digital Economics company" Fetch.AI showed the world that raising a substantial amount of funds quickly via an initial coin offering (ICO) was still possible—providing you conduct the token sale on Binance Launchpad.
This was Binance Launchpad's second token sale of 2019 (the first being the sale of BitTorrent tokens, which took place on January 28th), and the public's appetite for Fetch.AI (FET) tokens was so high that the sale was completed in even a shorter than time than the BitTorrent (BTT) token sale. Perhaps, the reason for such high demand was that traders/investors had seen what had happened with the BTT token sale: the sale had ended in less than 15 minutes, and the price of those tokens has gone up over 600% since the day of the sale. Also, the fact that AI is very hot right now and that the team behind Fetch.AI has an excellent pedigree did not hurt either.
Binance announced on its blog on February 1st that Binance Launchpad would be offering Fetch.AI tokens to the public on February 25th at 14:00 UTC. The blog post said that Binance Launchpad would only be accepting Binance Coin (BNB) for payment and that there would only be one session (unlike with the BitTorrent token sale, which took place in two parallel sessions, one in BNB and one in TRX).
The total public sale allocation was 69,204,152 FET, i.e. 6% of the total token supply (1,152997,575 FET). And yesterday, a short time before the start of the public sale, the price of one FET token was set to 0.008584 (roughly $0.0867).
The Fetch.AI token sale took place at the scheduled time without any technical problems.
Binance announced the results of the sale in a blog post published yesterday. Here are the numbers:
- "... all 69,204,152 FET were sold to token sale participants within 11 minutes and 14 seconds"
- "About 24000 people pre-signed the User Agreement, while 19,860 people successfully submitted a buy order. Out of those people, 2,758 people successfully purchased FET"
- "Participants were able to purchase between 230 FET (the minimum amount eligible for purchase) and 34,602 FET (the maximum amount)."
Here is Changpeng Zhao ("CZ for short), Co-Founder and CEO of Binance, explaining that in reality the sale was over in just 10 seconds:
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
Featured Image Courtesy of Fetch.AI