Binance CFO wei Zhou has revealed through an exclusive interview that the leading cryptocurrency exchange, Binance will probably increase the number of token offerings launched through its monthly launchpad arrangements.
Presently, Binance facilitates one token sale through its launchpad monthly and this figure is most likely going to increase due to an “increase in demand from both sides”.
The likes of Celer Network and Fetch AI have raised capital ($4 million and $6 million respectively) through Binance launchpad in recent months and numerous other projects are on the long queue.
Increasing demand on both ends
According to Wei Zhou, in an exclusive at the Paris Blockchain week summit,
“We may increase the amount of projects being launched on the launchpad, because right now we’re seeing an increasing amount of demand on both ends,”
Speaking with regards to find raising, Zhou stipulated that fundraisers in any form whether through Initial Coin Offerings (ICOs) or their counterpart Initial Exchange Offerings (IEOs) was still very much relevant within the Blockchain ecosystem.
More projects to go through the process of fundraising
According to him,
“Fundamentally we believe in fundraising on the blockchain. Binance itself raised $15 million in our ICO by selling the BNB token, we sold that in July 2017 and we were able to deliver and it grew beyond our expectations”.
Zhou disclosed that both fund raising procedures were still very much available and that there were chances of even coexisting in the future.
“We believe there are a tonne of projects that are out there, all they need is to go through this process in terms of fundraising. The ICO thing went nuts on the other end in terms of companies raising huge amounts of money that they don’t know what to do with.” Zhou said.
Binance has moved further by launching its own blockchain
“I don’t think that’s healthy, you need companies to grow into size. Even for us, we’ve been around for a year and a half, but we’re not a huge organisation, we’re just a couple of hundred people. We know what a challenge it is even for us to grow and scale up.”
Binance although a company that has been operating mainly as an exchange has moved further by launching its own blockchain. A move which has made it a stronger player in the industry as seen with the performance of the Binance coin (BNB) which is presently trading at $22.
Analysts are of the opinion that the price of the token would continue to move up considering the scope of the company’s vision.