The Binance cryptocurrency exchange has announced that Space ID will be the next project to conduct a sale on the Binance Launchpad platform. Space ID is the first project on Binance Launchpad since Hooked Protocol, which finished their token sale on the platform on December 1 last year.

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What is Space ID?

Space ID is a project that’s focused on digital identities and domains for the web3 space. The Space ID platform allows users to register, trade and manage web3 domains, which are human-readable identities that are much more convenient to use than standard cryptocurrency addresses. The Space ID ecosystem supports web3 name services such as .eth, .bnb and .arb and boasts integrations with notable projects including BSCScan, Trust Wallet and others.

Space ID features a native token with the ticker ID, which is used in governance through the Space ID DAO. In addition, holders can stake their ID tokens to benefit from discounts in the Space ID domain name marketplace, and also receive discounts on registering new domains through Space ID. The ID token will also be used as a means of payment within the Space ID ecosystem.

The Space ID team will be selling 100 million ID tokens through Binance Launchpad, which corresponds to 5% of the token’s total supply (2 billion tokens). Each token will be sold at a price equivalent to $0.025, which means that the team is looking to raise $2.5 million through the sale.

The maximum investment a single user will be able to make into the Space ID token sale on Binance Launchpad is the equivalent of $15,000. However, not all users will be able to invest this much, as each individual user’s allocation will be determined by their BNB token holdings.

Check out the performance of some of the previously completed IEOs on Binance.