Poloniex, a cryptocurrency exchange platform, has announced the relaunch of its Poloniex LaunchBase, a platform that helps blockchain startups raise funds to develop their products. Notably, the firm announced that APENFT, a platform that helps register world-class artworks as NFTs on the blockchain, will be the first project to debut on the Poloniex LaunchBase.
Consequently, the cryptocurrency community can access the $NFT tokens, the native coin for the APENFT project, through the Poloniex LaunchBase.
The selection of the APENFT project to debut the Poloniex LaunchBase was strategic for both entities. Notably, Justin Sun, Tron Foundation founder, has donated artworks worth approximately $30 million to the APENFT ecosystem. The gesture is a huge show of support to the Poloniex LaunchBase and also the APENFT community. Tron’s Sun had previously purchased the rate NFTs from popular artists with a mission to create a digital artwork platform for high-end users. The APENFT project also attracted Huobi Prime during its relaunch.
The $NFT digital asset is a TRC721-based token with a total supply of 999,990,000,000,000.
Founded back in 2014, Poloniex has grown to one among many cryptocurrency exchanges with a global reputation. With the relaunch of Poloniex LaunchBase, the cryptocurrency exchange seeks to grow the industry by helping startups access the market.
Furthermore, as a crypto exchange, the Poloniex ecosystem is set to largely benefit once blockchain startups that have digital tokens for governance succeed. Notably, the cryptocurrency exchange collects revenue by charging a small fee in every trade made through various trading pairs.
“The LaunchBase platform will collaborate closely with projects, community members, and industry-wide partners to seed and promote the adoption of quality cryptocurrencies worldwide, including via the sale of tokens to eligible participants on the Poloniex platform. All participants will be subject to eligibility and screening requirements. Unfortunately, due to local law requirements, members of certain jurisdictions may not be able to participate,” Poloniex noted on its website.
Through its deep understanding of blockchain technology and the cryptocurrency industry, Poloniex is set to use LaunchBase as a platform to educate and direct blockchain startups on the way forward.
Previously, the Poloniex LaunchBase had a JUST (JST) token backed by Justin Sun as the first token on the platform. Interestingly, the JST tokens sold out in under five minutes and have since risen over 35 times according to metrics provided by CoinGecko.