Refinable Becomes First Polkastarter IDO Exclusive to Binance Smart Chain
- The NFT marketplace’s IDO will take place on 23 April, with the project distributing 500 million $FINE tokens.
- This is the first time a project exclusive to BSC is having an IDO on Polkastarter.
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According to a Binance announcement published on 18 April, the Initial DEX Offering (IDO) will take place on 23 April on Polkastarter, a decentralized launchpad for cross-chain token pools and auctions. The BSC-only IDO is set to change the makeup of IDO strategies for early-stage companies, as all pools on Polkastarter have previously taken place on Ethereum.
Daniel Stockhaus, the co-founder and CEO of Polkastarter, said that Refinable’s IDO is the first step into bringing more projects into the thriving BSC ecosystem.
“We will continue to innovate the decentralized funding landscape while improving the experience for our projects and users,” he said in the company’s announcement.
Refinable, an NFT marketplace backed by Binance, will distribute 500 million $FINE tokens, worth $180,000, in two pools before listing the token on PancakeSwap. Over 6,500 ETH has so far been raised across 40 projects in the past four months on Polkastarter. To make token swapping easier for its users, the platform recently bridged its proprietary $POLS token to Binance Smart Chain (BSC), making it tradeable on AMMs such as PancakeSwap and Uniswap.
- 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.