DeFi Startup Kava Plans to Raise $3M via IEO on Binance Launchpad

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by Christopher Hamman · 3 min read
DeFi Startup Kava Plans to Raise $3M via IEO on Binance Launchpad
Photo: Kava Labs Blog / Medium

The Kava defi project is set to launch from the Binance Launchpad on October 23rd.

It is announced that the decentralized finance (Defi) platform Kava is set to sell its tokens on the Binance Initial Exchange Offering (IEO) platform popularly referred to as Binance Launchpad. The event will start on the 23rd of October, 2019. The sales will involve a lottery and an airdrop. The IEO will feature the KAVA token at $0.46 and will also include 6.52% of the total tokens available. The event will also include an airdrop of $150,000 with a total of 326,087 tokens for the event. Based on the daily average BNB calculation method, the lottery will be the first event to take off while the Airdrop follows thereafter.

Kava is known for its popular cryptocurrency swap application Switch which enables near-instantaneous swaps of cryptocurrencies that are based on different blockchains. Kava is also in the process of developing an XRP backed stablecoin and a PoS blockchain which will include many different kinds of cryptocurrency tokens in the Cosmos ecosystem and also improve defi services that can be delivered.

This IEO is sure to attract many investors for several reasons. Firstly, Changpeng Zhao or CZ as he is popularly called has been doing quite a bit of work in the crypto space with the different kinds of innovations that are occurring within Binance at the moment. This has created the special “Binance-Effect” which has been carried over into the different platforms that are currently operated by Binance.

Secondly, this era of decentralized finance has also brought to bear the need for different kinds of collaborations and projects. This can be seen by the projects that Binance has allowed on the Launchpad and other platforms. Defi may be a nascent industry but it is going to be the next big thing and will change the way we as human beings exist. KAVA is already proving to be one of those uniquely important projects that can cause people to make that bold leap into defi.

Thirdly, out of all the IEOs on different cryptocurrency exchanges, those that occurred on the Binance Launchpad have had the greatest ROI. This goes to show that the phenomenon being experienced is beyond the so-called “Binance effect”. Binance is definitely doing something right when it comes to selecting the projects that will run on their platforms.

As such, the other cryptocurrency exchanges such as, OkEx, Huobi, Kucoin, and others haven’t had the 100% ROI threshold that Binance has had. At least not yet. 

This event is the tenth offering that has occurred on Binance’s launchpad. The preceding offerings had so far raised about $49 Million. Kava on its part has been excited to work with Binance on this round of financing and indicated so in a tweet. 

Sources indicate that Kava has raised to have raised $5.48 Million in a previous financing round with investors such as Ripple and Arrington XRP Capital, and so on.

Altcoin News, Binance News, Cryptocurrency News, News, Token Sales
Christopher Hamman

Christopher Haruna Hamman is a Freelance content developer, Crypto-Enthusiast and tech-savvy individual. He is also a Superstar Content Developer, Strategy Demigod, and Standup Guy.

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