The exchange also said that it will start offering StableUSD in a week’s time. Cryptocurrency exchange Binance announced on Friday that it is going to be hosting the initial coin offering (ICO) for blockchain company Fetch.Ai (Fetch)
For those of you unfamiliar with the firm Fetch is creating something akin to a blockchain internet. The company’s focusing its efforts on developing solutions for the transport, energy and supply chain industries.
Asia Trading Summit – The Leading Investment Event in China
Without going into a huge amount of detail, Fetch says that it has developed an artificial intelligence-based solution that automatically looks for solutions to problems those companies face, particularly with regard to transporting goods, in order to speed up services.
The token launch will take place on February 25 at 14:00 London time and will finish on March 2 at the same time.
Binance did not say how much each token will cost. The cryptocurrency exchange did say, however, that payment for the tokens will only be accepted in BNB – Binance’s own cryptocurrency.
The exchange also said that Fetch would be releasing 1,152,997,575 of its tokens, abbreviated to FET, on launch day. Those tokens will be available on a first come, first serve basis.
Binance adding a stable coin
Aside from announcing the Fetch ICO, Binance also said on Friday that it would be adding StableUSD (SUSD) on the 6th of February.
Traders using the exchange’s services will be able to access two currency pairs, BNB/SUSD and BTC/SUSD.
As its name implies, SUSD is a stable coin that matches the value of the US dollar. Having said this, the 1:1 ratio that is supposed to exist between the dollar and SUSD sometimes fluctuates.
Though they cannot yet trade with it, Binance users can start loading up their on-exchange wallets with SUSD in preparation for the launch at the start of next month.
“USDS has engaged a top-ranking auditing firm,” said Binance, “to conduct quarterly audits and release weekly balance attestations of the corresponding USDS and USD balances held/issued. financemagnates.com
Leave a Reply