Kucoin sells out first Spotlight launch with MTV, $3.5 million raised

03 Apr, 2019 | Updated: 03 Apr, 2019
by Alberto Arnaldo
News
Kucoin sells out first Spotlight launch with MTV, $3.5 million raised

The hype for IEO's seems far from gone, judging from the successful launch of MultiVAC (MTV). Offered via the launch platform recently inaugurated by the exchange, KuCoin appears to be picking up with other competitors.

“The people’s exchange”, the nickname that Kucoin has given itself, seems to be ready to try and catch up with Binance.

The Changpeng Zhao-led exchange has been leading the sector as of late with their recurring Launchpad success cases, but now Kucoin is officially taking part in the same race, and Huobi appears to be aiming for similar goals.

Read more: Huobi announce rules for next IEO including HT holding requirement

MultiVAC is a project poised to solve one of the main problems in crypto, namely the “impossible triangle” between decentralization, scalability and security. Another of the strong points mentioned in Kucoin’s blog is the all-dimensional sharding enabled by MTV. 

Almost three and a half million dollars were raised, more specifically about $3,527,400 dollars, taking into account a Kucoin Shares (KCS) price of 1.8547 USD and a MultiVAC price of 0.00317 KCS per token, for a total amount of 600,000,000 MTV tokens sold on spotlight out of a total issuance amount of 10,000,000,000.

A purchase limit was set for the sale, with the lower end on 30,000 MTV and the upper one in 600,000 MTV.

Read more: Kucoin announces first project to be launched on Spotlight; CELR not following Fetch and BTT: down after Launchpad

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