UTU Technologies, a Kenya-based distributed ledger technology (DLT) project focused on providing trust infrastructure for the sharing economy, is set to organize an Initial DEX Offering (IDO) on Binance decentralized exchange (DEX), reports Yahoo Finance on September 25, 2019.
Binance DEX Adds Another Partner
Binance DEX, the decentralized exchange from the stables of the world’s number one crypto exchange by trading volume, is set to onboard another project into its ecosystem, following the successful Raven Protocol (RAVEN) Initial DEX Offering earlier in June 2019.
If all goes as planned, UTU Technologies will become the second blockchain project to raise funds on Binance DEX via an Initial DEX Offering (IDO).
Powered by Aeternity (AE), a blockchain project that claims to offer super-fast transaction confirmation, highly functional smart contracts and genuinely decentralized oracles, UTU says its primary objective is to transform the digital world into a safer, and more trusted place built around relationships just like the real world.
As stated on its website UTU comes with a Trust application programming interface (API) that “serves up personalized recommendations for trusted service providers on sharing platforms in a seamless fashion, to drive your conversion, satisfaction, retention, and viral acquisition.”
Though the details of UTU’s IDO is yet to be revealed, CEO of the platform, Jason Eisen firmly believes the fundraiser will go a long way in enabling UTU technologies to achieve its goal of bringing real trust to the digital world.
Binance Blazing the Trail
While there are more than 200 hundred crypto exchanges in existence, only a handful of these bitcoin trading venues stand out from the crowd and the Changpeng Zhao-led Binance exchange is among the few platforms working hard to promote wider adoption of cryptos and blockchain technology.
Earlier in April 2019, Binance officially launched its decentralized exchange, to make it possible for bitcoin traders to trade their coins straight from their wallets and maintain absolute control over their cryptoassets.
In a first of its kind, Raven Protocol (RAVEN), a decentralized and distributed deep-learning training protocol conducted a hitch-free IDO on Binance DEX in June, paving the way for other projects.
Just like Binance DEX, Binance Launchpad has also been making life easier for credible blockchain projects looking to issue their native tokens to the public and raise funds. Since its launch, several projects have launched initial exchange offerings (IEOs) on the platform, including Perlin (PERL), Matic (MATIC) and a host of others.
In related news, earlier in September 2019, BTCManager informed that Binance had participated in a $200 million Series B funding round of Chinese media firm, Mars Finance.