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Binance to Facilitate STEPN (GMT) Token Sale on Binance Launchad

UTC by Bhushan Akolkar · 2 min read
Binance to Facilitate STEPN (GMT) Token Sale on Binance Launchad
Photo: Shutterstock

Starting today, Binance will facilitate the token sale for STEPN on the Binance Launchpad.

Crypto exchange Binance remains all prepared to launch its 28th project on the Binance Launchpad. On Tuesday, March 1, Binance announced that it will facilitate the launch of Green Metaverse toke STEPN on Binance Launchpad.

For this, Binance will record users’ BNB balances for 7 days starting tomorrow up to 9th March. binance noted that “the final BNB holding amount for each user will be determined as the average of the 7 days, using the Daily Average BNB Balance calculation”. The details of the GMT token sale are as below:

  • Token Name: STEPN – Green Metaverse Token (GMT)
  • Launchpad Hard Cap: 4,200,000 USD
  • Hard Cap Per User: 15,000 USD (1,500,000 GMT)
  • Total Token Supply: 6,000,000,000 GMT
  • Total Tokens Allocated to Binance Launchpad: 420,000,000 GMT (7% of Total Token Supply)

Besides, Binance has kept a 3-hour window for the subscription on 9th March 2022. Users will need to sign the token purchase agreement before committing their BNB.

Adding a caveat, Binance writes:

“Please note that once committed, your BNB will be locked and you will not be able to redeem or access any other functions such as transfers, withdrawals or trading until final token distribution”.

Competing against Ethereum, the Binance Launchpad has been supporting the launch of new-age crypto tokens in the market.

Binance and the Recent News

Crypto exchange Binance has emerged as a forerunner in the ongoing geopolitics issue between Russia-Ukraine. In order to support Ukraine, Binance has announced a $10 million relief fund as part of the humanitarian cause. Binance founder Changpeng Zhao said:

“Watching this conflict escalate over the past four days has shocked our community to its core. We are proud to have been able to quickly rally our network to provide relief and support on the ground to those in need. This includes helping provide food, fuel, supplies, and shelter for Ukrainians, which include countless Binance community members. We are using every resource and governmental channel we have to call on world leaders to end this conflict immediately.”

Furthermore, the Ukrainian politicians had demanded blocking all Russian users from Binance. However, the exchange has decided not to proceed with this demand and rejected the plea at their end.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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