Binance launches Arkham token sale, launch price to be 10X higher
On July 17, the world’s largest crypto exchange by trading volume, Binance, announced the launch of the arkham (ARKM) token sale on its launchpad, making it the 35th project on the platform.
However, ARKM’s launch will be different since there will be mechanisms to “protect investors from volatility.” At the same time, Binance said the launch of the ARKM will be set at $0.50 — 10 times the public sale price — for the first five minutes.
After the five-minute deadline, the asset’s price will return to normal, and “there will be no restrictions, and trading will continue as normal.”
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According to Binance, this is the first time the 10X price mechanism has been trialed. However, the exchange did not clarify whether the same will be employed in the future.
Moreover, Binance added that the subscription deadline is set to July 18 at 06:00 UTC. Users can commit BNB based on the average past six-day balance and only use BNB from their spot wallets.
According to the announcement, the final results of the ARKM allocation will be publicly available just one hour after the deadline is reached.
The details of the ARKM launchpad come a few hours after the exchange said they had integrated the Bitcoin Lightening Network.
Still, Arkham’s marketplace launch faced mixed reactions from the crypto community. The blockchain intelligence platform has been accused of collecting private user data.