Bitbns completes pre-public BNS token sale in 18 seconds

Following the Supreme Court of India ruling on cryptocurrencies earlier this month, Bitbns, a cryptocurrency exchange, has closed its pre-public token sale for BNS token.

Phase 1 of the pre-public sale was completed in just 18 seconds, the Bengaluru-based company said in a statement.

Since the judgment, Bitbns claims to be the first to conduct an 'open-for-all' token sale in India.

“Notably, the success of the first round of the token sale arrived after the apex court decided to strike off the unconstitutional tag from cryptocurrencies,” the company said.

 The BNS tokens are utility tokens that help traders to avail discounts on different trading products on Bitbns.

The next three phases of the sale would be conducted soon, wherein the price of the token would be hiked with each successive phase. The company will announce the date and token allocations for the upcoming phases soon, the statement said.

“We are excited to build innovations within the digital asset ecosystem and are touched by the overwhelming support that we have received. We hope to close the following three phases in the same manner. The token is available at discounted prices during different phases of the Pre-Public sale because we want to pass on the benefits to our users, firsthand," Gaurav Dahake, CEO of Bitbns said.

Read: Crypto is now legal in India but cos tread with caution as draft bill looms ahead

Just yesterday, cryptocurrency marketplace Binance, along with its subsidiary WazirX, launched a $50 million fund to invest in blockchain-based startups on industrial and social issues.