Cryptocurrency exchange KuCoin unveiled the first blockchain project that will conduct its token sale through its newly-created Binance Launchpad-esque system, KuCoin Spotlight.
After conducting a screening process, KuCoin announced that MultiVAC (MTV) will be the first project to offer its tokens for public sale through the Spotlight platform.
The token sale for MultiVAC will start on April 3, 2019.
Token Sale of MultiVAC of KuCoin Spotlight will start on April 3rd
We are pleased to announce the first project of KuCoin Spotlight: MultiVAC (MTV).
— KuCoin Updates (@KuCoinUpdates) March 25, 2019
6% of MultiVAC Total Supply Up For Same
MultiVAC is a blockchain platform that uses sharding methodology for computation, transmission, and storage — maximizing throughput while maintaining decentralization. The project has already received $15 million in an initial funding round from various investment partners.
The amount of MultiVAC tokens available for purchase via Spotlight is limited to 600 million. With a total amount of 10 billion MTV tokens, this represents a mere six percent of the maximum supply. With a fixed price of $0.006, the project is looking to raise $3.6 million — if the sale is successful.
Users will have access to the initial exchange offering on a first-come-first-serve basis and will have a minimum participation floor of $180 — capped at $3600 per individual.
Citizens from a list of countries have been restricted from participating. These include big markets like the USA, Canada, Japan, and mainland China, among others.
Finally, interested users must hold KuCoin Shares (KCS) tokens to participate in the MultiVAC initial exchange offering. Consequently, the exchange has seen its native token rise in value following the announcement.
How Bright Is KuCoin’s Spotlight?
The new crowdfunding system promises to bring more equitable conditions for everyone to participate at an early stage. Considering that the project already has early investors that likely received tokens in exchange for their contributions, it’s questionable how ‘early’ Spotlight participants will actually be.
KuCoin does have a risk disclaimer, warning users that Spotlight is a high-risk investment channel. Every investor should be aware of investment risks before participating.
What do you think of the first project to conduct a token sale on KuCoin’s Spotlight? Let us know in the comments!
Image courtesy of Twitter.