Binance's ARKM Public Sale Hits $2.5M Hard Cap with 990x Oversubscription

Binance has successfully concluded the public sale of ARKM tokens for Arkham Intelligence. The sale, which was conducted on Binance Launchpad, achieved its targeted hard cap of $2.5 million, showcasing substantial investor interest. Binance’s data reveals an overwhelming response, with a staggering oversubscription rate of 990 times.

The public sale offered a total of one billion Arkham tokens (ARKM). 5% of the total token supply, 50 million tokens, was allocated to Binance Launchpad and sold at a price of $0.05 per token.

Binance had earlier announced the token sale on its Launchpad platform on July 10, 2023, and set the total hard cap for the token sale at $2.5 million. The crypto exchange stated that participants will be allowed to purchase a maximum of $15,000 or 300,000 ARKM tokens.

To manage the sale within the prescribed hard cap, Binance implemented a subscription system over a span of six days starting from July 11, 2023.

Binance allowed its users with BNB tokens to bid for the ARKM tokens while it monitored users’ BNB balances. The final distribution of tokens for each participant was determined based on their average BNB balance during this period.

The conversion rate set for the sale was 4.92 ARKM tokens per one BNB. This means that users who pledged 50 BNB had the opportunity to acquire 246 ARKM tokens at the sale price of $0.05 per token.

During the subscription period, a remarkable 114,454 participants collectively pledged 10,182,983 BNB, equivalent to approximately $2.4 billion.

Binance has announced that trading of ARKM tokens on its platform will commence at 8 a.m. ET today, opening up avenues for investors to engage with this new asset.

Arkham Intelligence is a blockchain analytics platform enabling the secure exchange of information on the blockchain while preserving users’ anonymity. According to its whitepaper, the Arkham Intel Exchange platform will function as a decentralized marketplace for the acquisition and exchange of data and wallet labels.

Prior to the token sale, Arkham had introduced the “Arkham Intel Exchange,” a decentralized system designed to allow users to purchase and trade information about blockchain address owners while maintaining their privacy.

In addition to the Binance launch, early adopters of Arkham will be able to claim ARKM tokens through an airdrop. These tokens were allocated to the initial users of Arkham. Presently, ARKM is trading at $0.65 on the decentralized Uniswap exchange, representing a significant increase of approximately 13 times its public sale price.

This successful public sale of ARKM tokens demonstrates a strong market interest in Arkham’s innovative approach to blockchain analytics, as outlined in its whitepaper.

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