According to the latest reports, the largest cryptocurrency exchange in the entire world “Binance” successfully tested its Initial Exchange Offering (IEO). As per the reports, Binance was able to carry out the testing with the help of the AC Milan Fan Token (ACM). Binance was able to do it by carrying out a sale of the ACM that has reportedly been designed and launched through the Chilizblockchain.
The firm has revealed that the Initial Exchange Offering (IEO) test-launched by Binance was well-received by the users and investors. The firm had announced that it had capped the sale to a max of $1 million worth of BNB tokens per user. However, the platform ended up receiving a huge volume of requests for the acquisition of BNB coins for the IEO.
The data analyzing teams from Binance revealed that the IEO was oversubscribed and the exchange ended up receiving 1,484x oversubscriptions. The firm revealed that there were a total of 27,414 participants in the IEO who accounted for a total of 5.7 million BNB tokens. At the time of writing, the 5.7 million BNB tokens translate into $1.57 billion.
The firm confirmed that the participants spent this much amount in order to acquire a total of 205,128 ACM. The sources have revealed that each one of the AC Milan Token (ACM) was sold at a price of $4.875.
However, the on-chain data analyzing firms have revealed that in the initial hours of the IEO launch, the price of the ACM shot up to $20 per token.
Through the selling of the ACM tokens through the Initial Exchange Offering (IEO), only 10% of the total ACM tokens have been distributed among the investors. The analysts have claimed that instead of going for the old methods, the Binance IEO has gone with a different approach.
The analysts that for the IEO, Binance has gone for the four-stage subscription model. By following the particular mode, the platform ensured that the users made the maximum commitment with the BNB.
In addition to the above, the fair and secure method for the distribution of the tokens was achieved with the help of the new model. In order to make the deal even more attractive for the users and investors, Binance also came up with an innovative approach.
According to the users, if they executed the purchase of the AC Milan Tokens with BNB tokens, they would receive a 20% discount on the purchases.
The AC Milan Tokens (ACM) is known for providing somewhat of governance to the fans of the AC Milan Football Club. With the help of the digital tokens, the fans can have some influence over the club and can vote in order to make some decisions for the club.