Binance Tests New IEO Format With AC Milan Fan Token

Today, major crypto exchange Binance tested its new initial exchange offering (IEO) format with the sale of AC Milan Fan Token (ACM) built on the Chiliz blockchain. The sale, hard-capped at USD 1 million worth of BNB coins, was oversubscribed by 1,484x, the exchange said. 27,414 participants committed BNB 5.7m (USD 1.57bn) in order to obtain 205,128 ACM at USD 4.875 price per token, it added. In the first two hours of trading on the exchange, the price jumped to around USD 20. The offering, which sold 10% of the total ACM token supply used a relatively new, four-stage subscription model that maximized BNB commitment by users and ensured “a fairer distribution of tokens.” Besides, Binance users were able to acquire ACM tokens with BNB with a 25% discount. The AC Milan Fan Token is a utility token meant to give fans of this major Italian football club a tokenized share of influence of club decisions via the application. It is supposed to serve as a membership key for exclusive rewards, discounts, and more. AMC is issued on the Chiliz Chain, Proof-of-Authority consensus sidechain of Ethereum (ETH). Here’s how the new Binance Launchpad format worked:Some industry observers were confused about the amount of BNB allocated to the token sale. The AC Milan Fan Token Sale did not raise more than USD 1.57bn worth of BNB but rather indicates BNB 5.7m open-interest in the token sale participation. The offering raised USD 1m of BNB in total. Though slightly more complicated, the new IEO procedure may solve the issues with previous exchange offerings that used to work on either a lottery or a first-come, first-served basis. At the time of writing (13:08 UTC), binance coin (BNB), ranked 3rd by market capitalization, trades at USD 274 and is up by 23% in a day and 111% in a week. It rallied by 554% in a month.___Learn more:- IPOs, M&As, and New Token Sales To Bring Fresh Capital For Crypto in 2021- Too Costly Ethereum is Pushing DeFi Users Away, Fuelling BNB Rally- Cardano and Binance Founders Take Aim At Ethereum as ADA & BNB Rally

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