Bitpanda, the cryptocurrency exchange based in Vienna, Austria, reportedly raised € 10 million during the private sale of its new cryptocurrency: Bitpanda Ecosystem Token (BEST). Now it will open up the sale to anyone interested in the new altcoin through an initial exchange offering (IEO).
Bitpanda is one of the largest European trading platforms. It has around 1 million active users and has 120 employees who continue to develop the platform. The new cryptocurrency of the company will offer users of the trading platform a number of advantages.
Users receive a 25% discount on transaction costs when they pay with BEST. In addition, investors are given priority on the Bitpanda Launchpad, an IEO platform that still has to be launched.
In a response, Bitpanda’s CEO, Eric Demuth, states that BEST plays an important role within the company’s ecosystem:
BEST is the fuel of the Bitpanda ecosystem, which means that the Bitpanda platform, the Bitpanda Global Exchange and future products, such as the Bitpanda Launchpad, will make intensive use of BEST. It will play a vital role in Bitpanda’s global expansion and in making our vision of democratizing personal finances.
Bitpanda Global Exchange is a platform that will be launched on 7 August. This trading platform is aimed at experienced investors and institutional investors. On the exchange they can perform both fiat-to-crypto and crypto-to-crypto transactions.
€ 10 million were raised during the private sale of BEST, approximately 20% of the total stock. In total, 500 million of the 1 billion BEST tokens are sold. Currently the price of a BEST token is € 0.09.