DeepCloud AI Hits Hard Cap of $500k on First Day of Bitmax IEO
DeepCloud AI, the decentralized cloud computing platform for IoT and Web 3.0 apps, currently has its public initial exchange offering (IEO) ongoing on the rising exchange platform, BitMax. The sale began on July 18th, with each DEEP token priced at $0.1, for a hard cap total of 5 million DEEP, equal to a $500k cap.
Within the first day of the public sale, DeepCloud AI hit its $500k cap on BitMax, and the token is currently trading at roughly 3X the initial listing price. Withdrawals are set for July 20th from BitMax.
The IEO comes on the heels of DeepCloud AI announcing the transition of the DEEP token from the Ethereum-based ERC-20 standard to Binance Chain and its recently unveiled BEP-2 standard.
“What attracted DeepCloud AI to issue and apply to launch its DEEP token on Binance DEX is the DEX’s low-latency and high throughput, and more trustless user interfaces for future holders of the DEEP token,” detailed the DeepCloud AI team in the announcement.
DeepCloud AI Building Enterprise Partners
DeepCloud AI has been gradually building an impressive roster of enterprise partners in the run-up to its public token sale as the project prepares for a series of high-profile platform releases in their pipeline.
For example, DeepCloud AI recently partnered with the Mexican government in the state of Coahuila to bring “MexiCar,” a blockchain-based vehicle registration and tracking application to the Mexican administration, based on DeepCloud AI’s scalable infrastructure. More recently, the DeepCloud AI team revealed their strategic partnership with LD Capital — a leading blockchain-focused institutional investment firm.
“LD Capital’s team spread over China, the United States, Europe, Singapore, Japan, and South Korea, and have accumulated rich experience in areas of traditional internet, Fintech, and advanced blockchain technology,” detailed the Medium announcement. “LD Capital is committed to the globalization of blockchain and quality investment in the entire industry.”
Outside of MexiCar and LD Capital, DeepCloud AI has partnered with the likes of Voyager Innovations, The National University of Singapore, UNC Charlotte, Lunar Digital Assets and more.
Successful IEOs and the Transition to Binance Chain
DeepCloud AI’s successful IEO on BitMax is in line with a resurgence in crowdsales in the crypto markets, where, opposed to ICOs, exchanges operate as the arbiters (e.g., risk gateways) for listing projects that they independently evaluate.
According to CoinGecko’s Q2 2019 Crypto Markets Report, H1 IEOs have raised more than $262 million so far, catapulting forward following Binance’s inaugural listing of the BitTorrent token in January 2019. IEO’s have, in many instances so far, had lucrative returns, with ROI on BitMax sales averaging 90.12 percent.
Similarly, the report outlines the rising popularity of Binance DEX, of which DeepCloud AI recently applied for a listing as well. The Binance DEX is currently averaging $5.2 million in daily volume, far outpacing other DEXs, and has approximately 47 different trading pairs at the time of the report.
“[Our] commitment to Blockchain adoption can have no bigger supporter than Binance,” detailed DeepCloud AI CEO, Max Rye, in the announcement of their transition to Binance Chain. “Moving forward, we are excited to announce a lineup of projects in the pipeline that will utilize our cloud fabric and blockchain, thereby seeing the real value of our utility token.”
The thriving nature of IEOs is likely to accelerate as the crypto markets appear poised for a turnaround following bitcoin’s latest positive price swings. DeepCloud AI’s hard cap achievement is another sign in a snowballing list of projects on exchanges, like BitMax, that renewed investor interest in the next-generation of blockchain-based platforms is real.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.