Binance CEO Changpeng Zhao
Binance CEO Changpeng Zhao speaking at a conference. CoinDesk

The next Initial Public Offering (IEO) to be presented on the Binance Launchpad is going to be the Troy Trade project, Binance announced on 25 November.

According to the announcement, the sale of Troy tokens (TROY) will follow a similar format to what the exchange used before, distributing the project’s tokens trough a lottery and an airdrop.

It further stated that the recording of user BNB balances has already started on 3 November, and will last until 3 December, when tickets will become available for claiming.

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Troy Trade, which aims to provide crypto-brokerage services to institutional clients and professional traders, has allocated 8 percent of its total token supply to its Binance Launchpad funding round, attempting to raise a total of $4 million. The campaign will also include an airdrop of 30 million TROY tokens to those who were unable to get a winning ticket from the lottery.

An additional 10 million tokens will be airdroped to users who held at least 50 BNB, but did not claim tickets on 3 December. The maximum number of winning tickets has been set to 20,000, with each ticket allowing investors to purchase $200 worth of tokens. The price of TROY tokens has been set at $0.005, meaning a winning ticket can net you 40,000 tokens.

The TROY token will be used to gain access to the functions of the Troy Trade platform, which will offer institutional clients and professional traders services such as spot and margin trading, derivatives, data, storage, lending and stacking. Additionally, the platform will dynamically burn tokens, as a way to control its supply and demand.

Last month, Troy Trade entered into a partnership with blockchain network Harmony, providing it with R&D resources for research and development of layer-1 scaling solutions.

Interestingly enough, Harmony’s IEO was also featured on the Binance Launchpad back in May, which resulted with its token trading at 800% its IEO price only days after it ended.

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