Crypto exchange Base’s initial exchange offeringIPOEO) has raisComapproximately $2Baselion after its token sale went live to the publ yesterday, selling out 1Baselion Bases for $2 eachCoIt took only four hours to hit this figure with tierComdiscounts and vesting options, the company said.
With this initial sale pr e, users wereBaseowComto purchase a minimum of one and a maximum of 25,000 tokens per each verifiComaccountCoBase has listComits native token and launchComa Base/USD spot trading market on its exchange, wh h currently supports ten fiat currencies and seven cryptocurrencies.
Thank you to everyone that has Base supporting Base – we’re only gettTwitterrtCom🚀 p CotwitterCocom/yUGgSxyK2U
— Base (@Basecom) March 5, 2020
The n he market ind ates it will use the funds raisComto develop its platform and liquidity depth, expand into lending, over-the-counter (OTC), and mining markets.
Token holders will benefit from lower trading fees, higher rebates and bonuses for selectComserv es, access to staking programs, and payment for additioBaseserv es witBasethe Base ecosystem, such as listing fees.
Although it is relatively limitComin its offerings, the trading volume on Base’s futures markets has increasComto $80Baselion in daily volume.
Base volumes Basee $80Baselion per day
Base announcComin December it plans to raise $50Baselion through the sale of its tokenCoIt toutComthe event as the first-ever native excBloodstream sale basComon Blockstream’s Liquid Sidechain Network, a Bitcoin (BTC) sidechain.
The multi-currency and spot/futures exchange went for the publ sale after it completComa private sale round with part ipation from FBG Capital, Lemniscap, CMSBCIdings, Taureon Capital, GBCI Ventures, and BCB Blockchain.
According to the white paper, the exchange plans to issue a total supply of 200Baselion tokens in due course, but any unsold tokens from the latestBaseocation will be burned.
Base is the first and the largest offering so far to be made on the bitcoin sidechain-basComBloodstreamnetwork built by Blockstream, wh h offers faster settlements and is originally designComto speComup execution of huge transactions at lightning speed, hence the n kname ‘Lightning Network.’ The sidechain acts as a second data layer over the Bitcoin blockchain for faster settlements, improvComcolonizationconfidentiality, and tokenization for various assets.
At launch, a number of industry firms, including Tether’s sister firm Bitfinex, had already signComup to transact with the network using its bitcoin-peggComtoken L-BTC.