Binance Launchpad Hype: Fetch.AI Token Sale Completes in 22 Seconds
Originally published on: CoinSpeaker
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February 26, 2019
Though it may seem that ICOs have already lost their feasibility and efficiency, Binance’s token sale platform Binance Launchpad is here to give ICOs the second chance. Though it has just started its functioning and it has hosted only two token sales yet, the community has already made a conclusion that thanks to Binance ICOs will be back.
Fetch.AI was definitely one of the most anticipated ICOs of this year. It has become the second ICO that was launched under Binance’s Launchpad program and has managed to achieve a successful raise after only 22 seconds.
What Is the Fetch.AI Project
The main aim of the project is to develop an intelligent infrastructure that will be able to connect different spheres of the economic life of the society including transportation, manufacturing, hospitality and supply chain systems. The infrastructure will use AI-powered tools to track operational data and create predictive functionalities to increase the efficiency of the systems and enhance their value.
To achieve its aims the platform will use digital transacting agents that will be able to trade autonomously. One of the use cases for the Fetch.AI presupposes completing AI-powered deals with the help of smart devices that will offer data for sale. This process will be tokenized through the platform’s native Ethereum-based digital asset called FET.
As CoinSpeaker has already reported, the first token sale held on the Launchpad was the one of BitTorrent. BTT tokens were sold out within less than 20 minutes with a total of 7.1 M USD raised.
And now more than $6 million worth of BNB tokens (Binance Coin) were spent to purchase FET tokens. All in all, it was needed around 22 seconds, though initially it was reported by CZ that the sale had finished in 10 seconds, but later he updated his announcement with more precise data.
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
Unlike the above-mentioned BitTorrent token sale , which had an individual buy cap at $20,000, a maximum contribution for Fetch.AI token sale was $3,000. The raised funds are said to be allocated for the further development of the platform.
1 FET could be purchased for 0.008584 BNB, which equals to $0.0867m as the price of BNB was considered to be $10.1001. During the token sale event, 6% of the total token supply was available for contributors.
2,758 investors took part in the token sale which means that the average contribution was around $2,175.
“We’re very pleased to have reached our target for the token sale in such a short time achieving a wide distribution of tokens with the intentionally modest individual cap,” admitted Humayun Sheikh, the CEO of the Fetch.AI project.
Nevertheless, some members of the crypto community were disappointed as they couldn’t join the game. After all the tokens were sold out within less than a minute, there were a lot of complaints. Though there were some opinions that such a situation may have been caused by technical issues, later it was revealed that there were no any. The situation can be explained just by the fact that the supply was limited and the demand was too high.