Poloniex has joined the IEO evolution by announcing Launchbase, their answer to Binance’s Launchpad service. 15 months after Binance kicked off the IEO craze with the BitTorrent ICO, Poloniex has launched a service that aims to be “more than just a token issuance platform” but that will essentially follow the same formula of hosting the token sale and listing it on the Poloniex exchange.
The first token to be launched on the platform will be TRON’s new stablecoin lending platform, JUST, with a date yet to be confirmed.
…yeah we are ?
See the article for details ? https://t.co/qNtbMNyvKh
— Poloniex Exchange (@Poloniex) April 5, 2020
“More Than Just a Token Issuance Platform”
Poloniex announced the new offering via a Medium post which didn’t go into too many details about the new venture, although they did give a brief overview of what the platform will offer:
The LaunchBase platform will collaborate closely with projects, community members and industry-wide partners to seed and promote the adoption of quality cryptocurrencies worldwide, including via the sale of tokens to eligible participants on the Poloniex platform.
Poloniex also offered an insight into what they think will mark them out from the competition:
LaunchBase aims to be more than just a token issuance platform. In addition to providing an avenue for community members to buy and sell tokens, Poloniex will also offer professional advice and guidance to help these blockchain businesses gain traction and adoption.
Poloniex has clearly waited patiently to see what has worked well and not so well with other exchange launchpad platforms and acted accordingly, offering what they see as a more complete package instead of just acting as a token sale platform.
Poloniex Takes Holistic Approach
Other services such as Binance do this to a certain extent, but Poloniex looks like it will take a more holistic approach, investing time in projects from an early stage and potentially investing in them themselves, thus giving them more of a stake in the success of the project.
Poloniex has promised more details in the days ahead, when we can also hope to find out more about Justin Sun’s new JUST project. Joy.