PRESS RELEASE. The Special Token Sale of TimeCoin (TMCN) will be launched on February 15th with a 93% discount on the token’s current market value.
The token was launched on November 11th, 2020 on BitForex with an IEO, at an initial price of $0.7. However, already after the launch of the IEO it had risen to $11, and has since continued to rise.
At the beginning of 2021, it had already risen to $22, while now it is close to $30, with a market capitalization of over $2 billion.
The project, TimeCoinProtocol was initially financed by a few investors who invested around $4 million, and only a very limited number of tokens were placed on the market.
Now with the Special Token Sale, the tokens will be sold on the OTC market, so as not to increase the selling pressure, after most of the tokens available on the market have been bought back by the project. They will also be made available for trading on other crypto exchanges in the future.
So far, no public or private sale of TimeCoin has been conducted, but rather small quantities of tokens have been sold during the IEO.
The Special Token Sale serves specifically to raise funds for the development and enhancement of the project, and in particular for the eSportStars dApp, which was released in October and is expected to grow faster than expected. This requires further development, as well as the implementation of DeFi and NFT functionalities in TimeCoinProtocol, and new funds to support development and marketing costs.
For this reason, the decision has been made to launch two special, off-market token sales in order to enable the implementation of DeFi functionality in the eSportStars and TimeTicket dApps, so that fans can support creators such as eSport players, streamers, VTuber, etc.
This will allow both creators and fans to receive additional tokens, as well as in-game items, art and anime characters traded using NFTs.
Out of a total of 100,000,000 existing TMCN tokens, 10,000,000 tokens will be sold during the two special token sales.
The first one will be launched on February 15th, and will run until April 30th, 2021. 5,000,000 TMCN tokens will be offered for sale at a price of 0.00004 BTC, a 93% discount on the current market value.
The second one will be launched on May 1st, 2021 and will last until May 31st, 2021. It will cover another 5,000,000 TMCNs at a price of 0.00009 BTC, or 85% discount.
The total amount expected to be raised is approximately $10 million.
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