Binance Launches 30th Project ‘Space ID’ with Token Sale
Binance, one of the world’s largest cryptocurrency exchanges, has just announced the launch of its 30th Binance Launchpad project, Space ID (ID). This latest project has been eagerly anticipated by many in the cryptocurrency community, particularly those who have been following Binance’s recent projects closely.
According to reports, Space ID secured a 10 million USD strategic round led by Polychain Capital and DAO5 in September of 2022. The team behind Space ID is also responsible for launching Binance Launchpool and the Web3 social network CyberConnect. These both have strong ties with BNBChain.
Binance Launchpad to Distribute 5% of Space ID (ID) Token Supply
Binance CEO, CZ, also retweeted this announcement by Binance. It stated that it is pleased to reveal the 30th project to be hosted on Binance Launchpad: Space ID (ID). The Space ID token sale will begin on March 17, 2023, at 00:00 UTC. It follows the subscription model established by Launchpad. Users’ BNB holdings will be recorded at that time. Binance will also keep track of user BNB balances until March 22, 2023.
When launchpad? https://t.co/kBNULCJwGZ
— CZ 🔶 Binance (@cz_binance) March 16, 2023
The ID token sale has launchpad minimum required capital of 2.5m dollars, with a limit of $15,000 per user annually. The distribution of tokens will be 2,000,000,000 ID, with Binance Launchpad allotted 5% of the total token supply. The token sale will be in a BNB-only subscription-based format. Users’ BNB balances shall be computed in hourly-snapshots for every day throughout five days beginning on 2023-03-17 and ending on 2023-03-22. The maximum committable BNB in the future is equal to your average daily BNB balance over the preceding five days.
Binance Launchpad’s Space ID Token Sale: Subscription Period Begins on March 22nd
Subscriptions will be offered to all qualified users starting at 06:00 UTC on 2023-03-22 until 09:00 UTC on 2023-03-22. In addition to pledging BNB, users need to sign the agreement for token purchase. After committing, your BNB shall be frozen for redemption or other operations until the final distribution of tokens has occurred.
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The closing of subscriptions and commencement of token allocation computation will occur between 9 a.m. and 10 a.m. (UTC) on March 22, 2023. On 2023-03-22 at 10:00 (UTC), the final token distribution will be computed and the necessary BNB will then be deducted from the locked BNB balance. Once the deduction is made, both your identification and BNB will be sent to your wallet (spot).