Announcing this development through a blog post Binance said that the Launchpad platform aims to help launch projects every month for the entirety of 2019. First launched in 2017, Binance Launchpad went on to serve as the platform of choice for some heavy hitters during the 2017 ICO boom.
A couple of projects worth mentioning are GIFTO and Bread wallet. Bread is a financial services blockchain project that is aiming to build one of the largest decentralized banks in the world. During the launch period, its ICO raised as much as $6 million worth of tokens in a little over 200 seconds.
GIFTO, on the other hand, is the blockchain rendition of the streaming service Uplive. Its Crowdfunding efforts were hugely successful that it raised $30.4 million in less than 100 seconds.
What is the Binance Launchpad?
According to Binance, it is a platform that “helps transformative blockchain startups raise funds needed to develop their products and gives them access to Binance’s ecosystem.”
It is Binance’s side project or venture capital arm if you will. It helps provide a platform for promising blockchain projects that seek to raise funds through crowdfunding models by providing access to Binance users. Projects that are successful in getting accepted into the Launchpad don’t just benefit from the ‘access to investors’ card but also benefit from the Binance team’s expertise in launching projects (advice and mentorship). Therefore, as you’d expect, the onboarding process is extremely vigorous.
The Launchpad is only accessible to users of the Binance exchange platform with verified identification. Seeing as 2018 was a terrible year in terms of launching ICOs due to the tightening of regulatory procedures, Binance does not seem willing to step on anyone’s toes. Some jurisdictions including the users from the United States have been prohibited from taking part in any crowdfunding that will take place on the platform.
Binance re-launching the Launchpad is actually positive news especially as the cryptocurrency comes from one of the worst bear markets in blockchain history. Binance is the leading cryptocurrency exchange with some of the leading figures in terms of monthly active users. Its efforts in supporting new projects seeking to launch through ICOs could spark back the lost enthusiasm in the market that the industry sorely needs.