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Celer Network Completes its Initial Coin Offering in 17 Minutes on the Binance Launchpad

ยท in Breaking, Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

Binance Launchpad continues to show that it attracts a large number of interested individuals for quality Initial Coin Offerings (ICOs). In a recent press release, Binance informed that Celer Network (CELR) completed its token sale within 17 minutes and 35 seconds. Binance is the largest exchange in the space and one of the most popular networks for crypto enthusiasts.

Celer Network Completes ICO in Just 17 Minutes

Another record for Binance Launchpad. The platform that allows investors to place their funds in quality ICOs has conducted a new token sale. Celer Network was able to sell 597,014,925 CELR tokens.

According to Binance, at the time of the sale, one CELR token was priced at 0.000434 BNB. This allowed users with 1 BNB to purchase 2,303.35821 CELR tokens. The minimum amount eligible for purchasing was 2985.074626865672 CELR. The maximum amount eligible for purchase was 223,880.597 CELR tokens.

As Binance explains, Celer Network is a layer-2 scaling solution that allows individuals to perform fast, easy and secure off-chain transactions. That includes day-to-day transfers or just off-chain smart contracts.

This is not the first time that Binance Launchpad is holding an ICO. Fetch.AI (FET) and BitTorrent Token (BTT) have also sold their tokens through the platform created by the crypto exchange. Other projects that sold their coins on the platform were GIFTO and Bread.

Binance Launchpad is a token launch platform “for transformative projects.” The exchange provides companies with the knowledge necessary to raise funds via an Initial Coin Offering. Although 2017 and the beginning of 2018 were very promising for ICOs, after the market plummetted, companies had serious problems to raise funds through this fundraising method.

Binance wrote about Celer:

“Celer Network is a layer-2 scaling platform that enables fast, easy and secure off-chain transactions for not only payment transactions, but also generalized off-chain smart contract. Celer’s mission is to bring mass adoption for blockchain by providing a frictionless experience powered by the most advanced layer-2 scalability technology.”

More than 39,000 investors tried to purchase CELR tokens but just one in ten was able to do so. Changpeng Zhao, the CEO of Binance, explained that they still have capacity issues with their “upgraded” version of the Binance Launchpad. He mentioned that over 39,003 people, just 3129 was able to get some funds.

“35000 people will be somewhat unhappy,” he said.

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