Decentralized finance (DeFi) project Kava Labs is launching an initial exchange offering (IEO) on Binance Launchpad opening on Oct. 23, and they’re looking to raise $3M with the selling of their KAVA token.
Kava Labs is a cross-chain DeFi platform that offers collateralized loans, as well as stablecoins, to major crypto asset users, including BTC, XRP and BNB among others. Kava is backed by major investors such as Ripple and Tendermint.
The platform has already had 3 private sales, one at $0.075 per token where they sold 30.05% of the total token supply and raised $2.25M, the second one at $0.25 per token comprising 5.02% of the total supply allocated and raising $1.26M, and the third private sale at $0.40 per token, making up 4.93% of KAVA’s total supply and raising $1.97M. With this IEO, Kava is looking to raise $3M for the sale of their tokens.
According to the Binance Launchpad site, this IEO marks the 10th token sale on the Launchpad this year and it will follow an updated lottery format. It will open at an issue price of $0.46 per KAVA token and it comprises 6.52% of the total KAVA supply, with the ticket claim period set to begin on Oct. 23 at 06:00 UTC.
Binance CEO and founder Changpeng Zhao mentioned in the official statement that “Kava is the first DeFi project that [the company] decided to support within Binance Launchpad” and that they believe this project “has a great potential for development as it facilitates the process of borrowing and lending for users and needs no trust for that”. He also mentioned that BNB will get another use case as it will be used as collateral on Kava’s platform.