Binance to Launch Its Troy IEO Tomorrow and Announces New Internal Transfer Feature

| Updated
by Bhushan Akolkar · 2 min read
Binance to Launch Its Troy IEO Tomorrow and Announces New Internal Transfer Feature
Photo: Binance / Twitter

Preparing to host the TROY IEO tomorrow, Binance has announced a new Internal Transfer Feature to seamlessly transfer assets between different user accounts.

As CoinSpeaker has already reported, the Binance Launchpad Platform is all set to facilitate an Initial Exchange Offering (IEO) for a new crypto project dubbed Troy (TROY) tomorrow, December 3. Over the last month starting November 3, Binance has been recording users’ BNB balances.

The final BNB balance will be the average of BNB tokens held over the last month. Based on the final BNB balance, Binance will decide the number of tickets a user can get for the TROY IEO.

Furthermore, the participants also need to sign a Token Purchase Agreement while claiming the tickets. The users also ought to be careful as they can claim the tickets only once. Also, after the launch of their IEO launch, users will have the possibility to claim their tickets the next day on December 4.

For those users who don’t win the lottery tickets, the crypto project has also decided to airdrop 30 million tokens. The good, or maybe let’s put it, fair thing is that the Lottery participants can’t apply for the airdrop.

With more institutional players showing interest in the crypto industry, Troy Trade is planning to provide crypto brokerage services like margin trading, spot trading, derivatives, storage, data, and lending. However, it plans to facilitate these services through its native TROY tokens. This is similar to Binance asking users of the Binance Launchpad platform to participate in any IEO through the BNB tokens.

Using the TROY tokens, users will get access to all functions on the Troy Trade platform. Troy has allocated 8% of the total supply to Binance Launchpad which accounts for almost 800 million tokens. Troy has put a cap of 20,000 winning lottery tickets with one ticket accounting for $200 or 40,000 TROY tokens.

Binance’s New Internal Transfer Feature

As the Binance crypto exchange continues to bring new developments, it has announced a new Internal Transfer feature. This feature allows users to seamlessly transfer assets between different Binance accounts. The announcement reads:

“Binance has launched a new feature allowing users to transfer seamlessly between Binance accounts. If a user withdraws assets from their Binance account to an existing Binance deposit address, this will be recognized as an internal transfer and will be processed without the need for any block confirmations and also have zero transfer fees”.

The company also noted that there is also an option to enable or disable the internal transfer function using API.

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