The digital exchange behemoth Binance continues to introduce new cryptocurrency projects to retail investors. This time, a new token sale (IEO) will take place for Brand protocol, a company that offers services in data governance for web 3.0 apps, as its website says.
Following the new strategy of Binance, the current token sale for Band will happen as a lottery with an addition of an airdrop.
Binance already started recording BNB balances of clients who are going to participate. After the 30-day period, the size of users’ BNB balances will help to decide how many lottery tickets they will get.
BAND’s coin giveaway to investors
The company has allocated approximately $300,000 worth in BAND tokens (about 632,000 BAND) to be divided between those investors who fail to get winning lottery tickets during the IEO.
Binance makes it clear that those who do get a winning ticket will not get any of the free BAND coins.
About the BAND coin sale
The overall coin supply of BAND totals 100 mln. From that amount, slightly under 6 mln BAND will be allocated for the token offering on Binance LaunchPad.
Apart from the tokens chosen for the airdrop, investors on Binance will get to receive around ten percent of the total BAND token amount, which is slightly over 12 mln. The price of one BAND coin is the USD will be $0.47. The price in BNB will be set later on, as the IEO date draws closer.
The IEO will start on September 16.