Celer Network (CELR) Sells Out in 17 Mins on Binance Launchpad

Colin Muller

The Binance Launchpad experiment continues, as the Celer Network token sale concluded yesterday (March 19) within just 17 minutes. Celer (ticker name: CELR) is the third project to complete a funding on the venerable exchange’s new funding platform, behind the Bittorrent token (BTT) and Fetch.AI (FET) sales in late January and February, respectively.

The Celer Network is a second-level scaling platform, designed to process transactions off-chain for any other blockchain. The project already claim to support 10,000 transactions or operations per second.

Binance founder and CEO Changpeng Zhao (“CZ”) claimed on Twitter that CELR drew the highest demand among the projects so far funded via Launchpad. CELR sold a total of 597,014,925 tokens during the sale, worth nearly $4 million at the offering price.

CZ claimed that only about 8% of those who tried to buy the offered tokens were able to, or 3,129 individual accounts out of 39,000. He also cited some “technical issues” caused by the high demand, and said that Launchpad’s capacity to deal with high demand would “improve.”

ICO Redux

CryptoGlobe has noted the significant drop in the popularity and funding rates of ICOs, or Initial Coin Offerings, during the latter half of 2018. What was once a bonanza industry, fueling most of all the meteoric rise of Ethereum’s (ETH) price as the main vehicle for conducting ICOs - about 120x during all of 2017 - has withered along with the general pop in cryptoasset valuations in early 2018.

But in 2019, token offerings have been cautiously reappearing, often now in the form of STOs or Security Token Offerings. STOs have the advantage that they readily admit to being securities right out of the gate, avoiding the uncertainty of waiting for regulators in some countries to decide on which is which.

Binance seems intent on capturing some of this market as it returns to life - whenever that will be. Hosting the funding of new projects themselves, on their own exchange, Launchpad offerings can only be bought with the proprietary Binance Token, BNB.

The effects have been crystal clear. Since Binance began launches on Launchpad in January, the price of BNB has risen from about $6 to about $15 today - and in the process BNB has climbed as high as #7 on Coinmarketcap. At time of writing, BNB has a market capitalization of over $2 billion.

BNB(source: CryptoCompare)

In contrast, both BTT and FET tokens have done poorly after listing on the Binance exchange, following their respective launchpad offerings, with both BTT and FET down about 70% from their listing highs (see charts below).

BTT token(source: CryptoCompare)

FET token(source: CryptoCompare)

PayPal is Cautiously Optimistic About Partnership with Libra Association

  • PayPal cautious about future with Facebook's digital currency libra. 
  • Payment platform was one of the first companies to join and support the Libra Association.

Payment platform PayPal is cautiously optimistic about its relationship with Facebook’s digital currency libra, despite being the highest-profile company to join the Libra Association. 

PayPal Backs Libra Association

In June, shortly after the official unveiling of Facebook’s libra, PayPal announced an intention to join and support the Libra Association, a collection of tech and finance companies promoting the product. 

At the time, PayPal billed the digital currency as a revolutionary product for people around the world, 

We believe in democratizing participation in the digital economy for people from all walks of life, and businesses of all sizes.

However, PayPal appears cautious about its future with Facebook’s digital currency. PayPal investor relations vice president Gabrielle Rabinovitch reiterated Sept. 12 that the company is a non-binding agreement with libra, 

It's a non-binding commitment. And obviously, I think there's a lot of work to happen before we get to that point where it becomes something more than just a very exciting idea.

She added, 

The goals and ambitions of Libra are very consistent with PayPal's overall ambitions in terms of serving the underserved; democratizing access to capital. So we very much believe in the potential of Libra.

While PayPal appears optimistic about the future of libra, the digital currency has endured months of regulatory and political scrutiny concerning its release. 

Earlier in the week, senior U.S. Treasury official Sigal Mandelker told an audience in Geneva that libra would be held to the highest standard of regulatory compliance in order to combat money laundering and terrorist funding.

 

Featured Image Credit: Photo via Pixabay.com