Binance Launchpad To Host Injective Protocol Public Token Sale
- Since Binance has shown strong support for the protocol throughout its development, Injective have decided on conducting their public sale on Binance Launchpad.
- The layer-2 protocol is expected to bring tremendous change in the DeFi space and show unmatched results in terms of on-chain transaction speed and gas fees.
Binance CEO Changpeng Zhao. CryptoMonedaseICOs
On October 12, Binance Launchpad, Binance’s IEO platform, announced that Injective Protocol’s public sale will be hosted in an effort to scale the company and help introduce its services to the crypto community.
Injective Protocol is a layer-2 decentralized exchange protocol that is said to support various derivative products such as CFDs and perpetual swaps. According to the announcement, the tech stack on the protocol will bring an order of magnitude speed-up by scaling trade execution and settlement on layer-2, while simultaneously retaining decentralization. Moreover, users will be able to permissionlessly create and trade derivatives markets in the DeFi space.
“It’s great to see more and more projects joining Binance Launchpad. We are pleased to provide our support for Injective Protocol and help grow the DeFi space together,” said Binance CEO and Founder, CZ (Changpeng Zhao). “We’re looking forward to seeing Injective leverage decentralization to build a more efficient financial ecosystem”.
In the announcement, Binance claimed that Injective has built every component of its network to be fully trustless, censorship-resistant, publicly verifiable, and front-running resistant. By launching their public sale, the platform will ensure that the INJ native token of the protocol will be used for functions such as protocol governance, liquidity mining, and staking. After the initial IEO, a $3.6 million token sale will follow with a lottery-format ticket claim, beginning on October 13.
“Binance has been a strong partner for us at Injective since day one. We are excited to be conducting our public sale on Binance Launchpad which has served as a great starting point for a number of promising projects in the past,” said Injective co-founder and CEO, Eric Chen.
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.
- A spokesperson said the change was due to the “changing market and user needs”, and that Binance will now be refocusing its resources on its main products and long-term goals.
- Launched in March 2022, Binance Connect helped crypto businesses connect with the traditional finance system, and supported 50 cryptocurrencies and networks such as Visa and Mastercard.