Monochrome Launches Platform Token MCR IEO, Raising Over 5.5 Million USDT

BlockBeats News, September 27: According to monitoring by Lookonchain, Australian digital asset management company Monochrome Exchange, founded by former Binance Australia co-founder and CEO Jeff Yew, has launched the MCR token IEO. To date, it has raised over 5.5 million USDT. The total supply of MCR is 210 million tokens, of which 5%, or 10.5 million tokens, are allocated for this public IEO. The IEO tokens will be locked for one month after the TGE, followed by a three-month linear release. MCR holders can enjoy discounts on spot and derivatives trading fees, priority subscription rights for Digital IPOs and token offerings, staking rewards, increased Launchpad allocation weight, participation in the node program, and governance of the platform through Monochrome DAO. Each quarter, 20% of the platform's net profits will be used for open market buybacks and burns of MCR. Additionally, 25% of Digital IPO fee revenue will be allocated to the quarterly buyback and burn fund, aiming to reduce MCR's 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 CFO Wei Zhou, as well as Blueshyft and DeFi protocol Synthetix founder Kain Warwick. The post-investment valuation was approximately $15 million. On August 18, 2022, Monochrome Asset Management obtained the country's first financial services license (AFSL) for issuing crypto-related exchange-traded funds (ETFs).