Binance Launchpad completed another Initial Exchange Offering with Kava


Binance completed successfully the latest Initial Exchange Offering (IEO) that took place on its dedicated platform, Binance Launchpad.
The selected project is Kava Labs, a platform focused on decentralized finance solutions (DeFi). The solution from Kava is defined as a multi-channel DeFi platform offering secure loans to users in several cryptocurrencies: Bitcoin (BTC), XRP, Binance Coin (BNB), and Cosmos (ATOM).
Furthermore, Kava project is supported by more than 100 commercial entities around the world, including recognizable projects like Ripple and Cosmos. The platform includes two tokens: KAVA, a staking token to secure the network allowing users to vote on key decisions and the USDX, a stablecoin backed and guaranteed by other cryptocurrencies.
During this Initial Exchange Offering, KAVA tokens have been distributed to users according to the lottery system set up by Binance at the beginning of the year. As in the previous token sale offerings, the Launchpad session was open only to Binance users who managed to hold a number of BNB coins in their accounts for the last 30 days.
The results of the ticket allocation have been revealed on October 24 and each KAVA token came with a value of $ 0.46. Through 3 private sales, Kava Labs already raised a total of $5.48 million, so the project has no excuse to stop developing its decentralized finance platform.
Although the Initial Exchange Offerings from Binance attracted a lot of investors that were looking for a significant return on investment, we have to say that some of the tokens’ initial selling prices didn’t manage to follow a positive evolution and some projects fell soon after the IEOs were completed.
Users who want to participate in Binance Launchpad IEOs must take into account the current evolution of the crypto market which entered into a downtrend period over the last 3 months.
However, the fact that Kava is a project for decentralized finance applications attracted significant interest for a part of the crypto community that is looking to use cryptocurrencies for their initial purpose brought about by Bitcoin.

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