Monochrome launches platform token MCR IEO, has raised over $5.5 million USDT

BlockBeats news, September 27, according to Lookonchain monitoring, Australian digital asset management company Monochrome Exchange, founded by former Binance Australia co-founder and former CEO Jeff Yew, has launched the MCR token IEO, and has raised over $5.5 million USDT so far.

The total supply of MCR is 210 million tokens, of which 5%, or 10.5 million tokens, are allocated for this public IEO. IEO tokens will be locked for 1 month after TGE, followed by linear release over 3 months. MCR holders can receive discounts on spot and derivatives trading fees, priority subscription rights for Digital IPO and token issuances, and can earn rewards through staking, increase Launchpad quota weight, and participate in the node program, while also participating in platform governance through Monochrome DAO.

Each quarter, 20% of the platform's net profit will be used to buy back MCR on the open market and burn it, while 25% of Digital IPO fee revenue will be included in the quarterly buyback and burn funds, aiming to drive a continuous reduction in MCR circulating supply through platform business growth.

BlockBeats previously reported that on September 13, 2021, Monochrome announced the completion of a $1.8 million Series A funding round, co-led by Litecoin founder Charlie Lee, Blockstream Chief Strategy Officer Samson Mow, former Binance Chief Financial Officer Wei Zhou, and Kain Warwick, founder of Blueshyft and DeFi protocol Synthetix, with a post-investment valuation of approximately $15 million.

On August 18, 2022, Monochrome Asset Management obtained the country's first financial services license (AFSL), which will be used to issue crypto-related exchange-traded funds (ETFs).