Crypto exchange Binance Monday announced the 32nd project on its Launchpad – Arkham. 

The token sale for Arkham is set to follow the Launchpad's subscription format.

Recording of users' Binance Coin (CRYPTO: BNB) balances commences on July 11 and will continue for six days until July 17.

The final BNB holdings of each user will be calculated as the daily average BNB balance over these six days.

The Arkham token is set to have a total supply of 1 billion tokens.

Out of this, 50 million ARKM tokens, or 5% of the total supply, will be allocated to Binance Launchpad.

The public sale token price is set at $0.05 per ARKM, with the price in BNB to be determined prior to subscription.

Each user can contribute up to a maximum of $15,000, equivalent to 300,000 ARKM tokens, towards the token sale.

The Launchpad hard cap for this project has been set at $2,500,000.

The subscription process includes a preparation period, a subscription period, a calculation period, and a final token distribution phase.

Also Read: Gemini Files Suit Against DCG And CEO Silbert Over Alleged Fraudulent Actions

The preparation period begins on July 11, during which user BNB balances will be calculated in hourly snapshots each day over a six-day period.

The subscription period commences on July 17, during which eligible users can open their subscriptions.

Once the subscription period closes, the calculation period begins where the subscription closes and token allocation calculations are made.

During the final token distribution, users' final token allocations are calculated, and the corresponding BNB is deducted from the users' locked BNB amount.

The ARKM and BNB tokens will then be transferred to users' spot wallets.

Read Next: 15 CBDCs Expected To Revolutionize Global Economy By 2030: Threat To Bitcoin And Ethereum?

Join Benzinga's Future of Crypto in NYC on Nov. 14, 2023 to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!

Photo: Shutterstock