Binance introduces Launch Pool platform for farming new assets

Binance introduces Launch Pool platform for farming new assets

By Hassan Maishera - min read
An image of the Binance logo with Bitcoin, Ethereum and US Dollar

The world’s leading cryptocurrency exchange, Binance has introduced its Launchpool platform that would allow its users to farm new assets securely.

Binance unveiled its Launchpool platform yesterday, with the leading cryptocurrency exchange allowing users to securely farm new assets while also earning rewards for staking the Binance Coin (BNB) and a few other tokens. According to the company blog post, Bella Protocol (BEL) would be the first project to be hosted on the platform.

“Binance is excited to release Launchpool, a new product where users will be able to acquire new token rewards in return for staking BNB, BUSD and other tokens. The first project to be hosted on Launchpool is Bella Protocol (BEL),” Binance revealed.

According to Binance, their users will be able to stake their BNB, Binance USD (BUSD), and ARPA coin tokens into three separate pools to farm the BEL tokens for a period of 30 days. The farming of the new asset will commence on September 9 at 00:00 AM (UTC).

As the farming of the asset continues, Binance will list the BEL token on its exchanges on September 16 at 6:00 AM (UTC). Upon its listing, traders would be able to trade a few BEL trading pairs, including BEL / BTC, BEL / BNB, BEL / BUSD and BEL / USDT.

Participating in the farming of the new asset involves a simple step, according to Binance. “Users can stake their tokens by going to the Binance Savings page and clicking on the BNB, BUSD or ARPA flexible savings products with a “Launchpool” label,” the exchange revealed.

Binance also rolled out the terms and conditions that are guiding the BEL staking event. According to the exchange, users can un-stake their funds at any time with no delay. They can also use the coins to participate in any other available pool right away. The users get a share of their rewards daily and would receive interest from the standard flexible savings products when they deposit tokens into each product. Furthermore, users that use the BNB coin for staking will enjoy the standard benefit of the Binance ecosystem’s token, such as VIP benefits, airdrops and Launchpad eligibility.

BEL token offers numerous benefits

Binance stated that there are numerous advantages for holding and using the BEL tokens. Users that hold and use the tokens get to enjoy discounts for voting, staking, Bella services, governance and rewards.

The Bella protocol project raised $4.50 million in a private token sale carried out last month. Some of the famous institutional and private investors in the project include; David Namdar, the co-founder of Galaxy Digital, Arrington XRP Capital, Koi Ventures, Force Partners, Alphabit, Roark Fund, Yunshang Capital, Consensus Labs, Laurenz Apiarius, the founding partner of BlockWall Capital, Ben Gorlick, ex-Head of Product at Blockstream and many others.