WhiteBIT launchpad as an integral component of the WhiteBIT ecosystem, emerged in Aug 2023. Since its inception, the launchpad has garnered over 2K investors and successfully raised $2M in funds. The first token sale was conducted in Aug 2023 and so far 3 projects have been launched on it: JovJou, World Challenge Game, and Scamfari.
WhiteBIT is a Ukrainian project that was founded in 2018 and proudly claimed to be “one of the biggest European crypto exchanges” on its official website. The exchange offers 350+ trading pairs, 270+ assets, and the average daily trading volume is $2.5B. WhiteBIT headquarters is in Valencia, Spain while registered in Vilnius, Lithuania, and caters to a diverse range of traders with spot, futures, and margin trading along with other associated services. The exchange has a WhiteBIT token, the native coin of the WB Network Blockchain. The mainnet was introduced in Aug 2023, aiming to bridge the gap between the CEX and Web3. In 2022, the exchange announced a 3-year partnership between FC Barcelona & WhiteBIT.
Expanding the range of its crypto services, the company added WhiteBIT launchpad – an IEO platform to cater to the needs of both investors and pioneering ventures. To take part in the token sale, users need to register on the WhiteBIT exchange and pass KYC. The potential investors should hold at least 200 WhiteBIT Coins (WBT), and then they can choose the preferred project to participate in the token sale. Detailed information about the rules of WhitBIT IEO is here.
The launchpad claims to have a strict evaluation process for the projects, presenting to the WhiteBIT community the most reliable and transparent crypto startups. However, as can be seen from the projects’ analysis, the selection process is not so strict because they are listed projects that are very weak in terms of concept, backers and marketing performance.
Also, users vote for the WhiteBIT listing to the exchange. If the project doesn’t get enough votes - the listing will not proceed further and funds will be returned to the user's balances. Nevertheless, such cases have never happened yet.
Finally, given the lack of liquidity on the launched tokens markets and inorganic token performance, it seems that Whitebit doesn’t provide and require launched projects to use professional market making services.