Crypto Exchange Binance Rolls Out Trading Services for Brand-New Web3 Altcoin Project

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The world’s largest crypto exchange platform by volume is listing a brand new altcoin in its Innovation Zone which allows users to trade newer token offerings.

According to a recent company announcement, Binance Launchpad, a branch of Binance where crypto projects can raise funds, recently hosted a token sale for the Hooked Protocol (HOOK) via a subscription format.

In Binance’s subscription format, potential participants get their participation limits set by their average Binance Coin (BNB) balance over a set period of days. They can then choose to lock up any amount of BNB up to that limit in order to receive the new tokens offered in the launchpad.

The Hooked Protocol bills itself as “the on-ramp layer for massive Web3 adoption to form the ecosystem of future community-owned economies.”

Explains the Hooked Protocol whitepaper,

“With our pilot product Wild Cash offering Quiz-to-Earn and other gamified learning experiences, having attracted over 2 million members to the community, Hooked is aiming at forming an engaging ecosystem of community-owned economies by facilitating and optimizing the onboarding flows for all Web3 pathfinders.”

The HOOK subscription format finished on Thursday and the exchange kicked off trading services for the altcoin the same day.

On its first day of trading, HOOK reached a high of $2.79 and a low of $2.04, according to CoinGecko. The brand-new altcoin is trading at $2.36 at time of writing.

Binance’s Innovation Zone is a dedicated trading space for crypto assets that could be more prone to rapid price swings.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/agsandrew/WindAwake

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