News Binance launches ‘initial DEX offering’ called Raven

Binance launches ‘initial DEX offering’ called Raven


- Advertisment -

We’ve seen initial coin offerings, initial exchange offerings and now…initial DEX offerings?

Today a thing called Raven Protocol—a “fully decentralized” blockchain/AI startup which hopes to “pull the power of AI/ML out of the hands of mega-corporations like Amazon/Facebook/Google and put it into the hands of the community”—announced that it would be running a token sale on Binance DEX, the titanic crypto exchange’s recently unveiled decentralized exchange, which is run by 11 “validators” closely affiliated with the flagship company.

Of the 10 billion Ravens in circulation, 300 million will be allocated to the sale, and will sell at 0.00005 the price of a BNB, Binance’s own native token. That’s around $0.0015 a piece. The sale, which will start June 17, will end either the following day or “when the hard cap”—$500,000—is reached. Though it’s running on a (supposedly) decentralized protocol, investors have to go through the usual know-your-customer proceedings; upload a selfie, submit a proof of address, etc.

Raven is eager to stress that the imminent sale is “NOT something initiated by Binance, Binance Chain, or Binance DEX,” and was instead Raven’s own prerogative, supported unanimously by the DEX’s 11 validators. “All 11 out of 11 Binance Chain validators voted YES for Raven Protocol to be listed,” Raven trilled in a blog post on the development.

So this is, once again, a form of initial coin offering—but this time, with zero accountability to a central party. Other than that, Raven is short on specifics. “What is an IDO?” ponders Raven in its blog post. “We don’t know. Because Binance DEX is so new, this is something that’s never been done before.”

This all comes, rather interestingly, at the same time Binance has blocked all US customers from trading on its platform. We wonder what the SEC will make of this…

We’ve reached out to Raven and Binance and will update when we know more.



Please enter your comment!
Please enter your name here

Latest news

Network Security Using Cryptography: Everything you need to know

This article will describe what is Network Security Using Cryptography and everything you need to know before...

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came under new ownership in December 2019. Since taking over the exchange,...

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when dealing with a decentralized and anonymous currency, but does bitcoin...

Crypto can’t thrive in the real world – but stablecoins can

We can safely say that the hype about cryptocurrencies is pretty much over. The claims of Bitcoin...
- Advertisement -Binance launches ‘initial DEX offering’ called Raven

How to double your crypto

Most of us have a small gambler deep inside our souls. We love to feel the thrill...

Cryptocurrency Top Security Risk Concerns: What You Can Do to Protect Your Crypto

A report by CipherTrace revealed that in the first half of 2019, criminals and fraudsters stole more...

Must read

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came...
- Advertisement -Binance launches ‘initial DEX offering’ called RavenBinance launches ‘initial DEX offering’ called Raven

You might also likeRELATED
Recommended to you