BitBay to Release IEO Launchpad. Binance’s Competitor?

BitBay is foraying into the IEO terrain. The cryptocurrency exchange has announced the launch of its native IEO launchpad. It might eventually become Binance’s competitor.

According to a press release, BitBay’s launchpad will contain a lot of new features. For instance, an information hub for investors as well as up to date documentation for the upcoming IEO project. QAN and its native token QARK will be the first to go live on the platform. The token will aid developers build smart contracts in their native programming language. BitBay has a strong user base in Europe. This move will definitely help improve the success of the IEO launchpad.

QAN – Quantum-Resistant Blockchain Solution

QAN, the anti-quantum virtual asset blockchain platform is designed to checkmate the threats quantum computing might pose to blockchains in the future. The technology is based on a rare Proof-of Randomness protocol, believed to improve scalability and usability.

Paweł Sobków, CEO of Pinewood Estonia OÜ, disclosed that the launchpad will provide an encompassing solution for investors. Especially those with little knowledge about blockchain and cryptocurrency. Pinewood Estonia OÜ is one of BitBay’s operators.

Investors will be able to acquire QARK tokens using fiat money such as EURO, GBP and PLN [Polish Zloty] on the launchpad.

Sobków stated: “Our IEO Launchpad has been created to provide investors with an all-in-one-place solution. We deliver complete information about a project, as well as offer a simple process for buying tokens with both crypto and different fiats. […] even novice investors and no-coiners can participate in the sale.”

Public sale of QARK tokens will take place across 3 pools. As soon as the 3rd pool ends, QARK tokens will be listed on BitBay exchange.

The launchpad will go live on November 18, 2019 and is expected to span for eight weeks. For the launchpad to take place 22,222,200 tokens must be available for $0.27.

Binance Launchpad is currently the standard in the industry due to its business model and operations. BitBay, however, has an average daily transaction of about $15 million. It believes this would help it build a strong user base not just in Europe but all over the world. Hence it might become Binance’s strong competitor.

IEOs became popular in 2018 but increased in performance in 2019. Many however fear, they might repeat the fate of ICOs.