Monochrome launches the IEO for its platform token MCR, having raised over 5.5 million USDT.

According to Lookonchain monitoring, Australian digital asset management firm Monochrome Exchange, founded by Jeff Yew, former co-founder and CEO of Binance Australia, has launched an Initial Exchange Offering (IEO) for its MCR token, raising over 5.5 million USDT to date. The total supply of MCR is 210 million tokens, with 5% (10.5 million tokens) allocated to this public IEO. IEO tokens will be locked for one month post-Token Generation Event (TGE), followed by linear release over the subsequent three months. MCR token holders are entitled to spot and derivatives trading fee discounts, priority access to Digital IPOs and token launches, staking rewards, increased Launchpad quota weight, participation in node programs, and platform governance via Monochrome DAO. Every quarter, 20% of the platform’s net profit is used to repurchase and burn MCR on the open market, while an additional 25% of Digital IPO fee revenue is allocated to the quarterly buyback-and-burn fund, aiming to continuously 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 Chief Financial Officer Wei Zhou, and Kain Warwick, founder of Blueshyft and DeFi protocol Synthetix, with a post-money valuation of approximately $15 million. On August 18, 2022, Monochrome Asset Management obtained Australia’s first Australian Financial Services License (AFSL), which will be used to launch crypto-related exchange-traded funds (ETFs) on its trading platform.