Binance, the world’s largest cryptocurrency exchange, has introduced a new token launch platform called “Megadrop.” 

The platform aims to provide rewards to eligible users and enhance their engagement within the evolving crypto ecosystem, Binance said in a Thursday announcement.

Launching globally today, Megadrop reinforces Binance’s commitment to pioneering new approaches that elevate user experiences.

Megadrop to Grant Users Early Access to Web3 Projects

Megadrop is specifically designed for token generation events, granting Binance users early access to selected Web3 projects before their tokens are listed on the Binance Exchange. 

The platform combines Binance Launchpool’s methodology with emerging Web3 opportunities, enabling users to explore and actively participate in newly minted tokens from promising Web3 projects, all within the secure and reliable Binance ecosystem.

Per the announcement, Megadrop encourages active engagement from the community by providing dApp quests that allow users to learn about emerging Web3 technologies. 

Users are rewarded for their curiosity and proactive participation.

“We’re always looking at what we can build to bring even more value to our Binance users,” shares Rohit Wad, Chief Technology Officer at Binance. 

“With Megadrop, we’re really excited to be able to provide exposure for more of these projects to our global user base while offering Binance users a unique opportunity to gain rewards in the process.”

Megadrop not only benefits users but also serves as a valuable launch platform for Web3 projects, offering significant growth and exposure potential. 

It provides direct access to a vibrant global community of verified users who are eager to interact with and support new blockchain innovations, facilitating the projects’ integration into the blockchain landscape.

Getting started with Megadrop is simple. 

Users can lock their BNB with Binance Earn and embark on quests using the Binance Web3 Wallet to earn exclusive token airdrops. 

The first project is set to drop on Megadrop in the near future. 

Binance Converts Emergency Fund Assets into USDC

In another move, Binance has decided to convert the entire pool of assets held in its emergency fund for users into USDC (USD Coin), a stablecoin issued by Circle Internet Financial. 

The exchange’s Secure Asset Fund for Users (SAFU), established in 2018 as a safety net for customers during extreme situations, will now consist entirely of USDC.

Previously, the fund held a mixture of assets, including TUSD, BNB, Bitcoin, and Tether’s USDT.

Earlier this month, Binance named a board of directors for the first time in an effort to reshape its image following last year’s guilty plea to US charges of anti-money laundering and sanctions violations.

Gabriel Abed, former ambassador of Barbados to the United Arab Emirates, has been appointed as the chairman of the seven-member board.

The remaining board members include Chief Executive Officer Richard Teng, along with three other company executives, namely Heina Chen, Jinkai He, and Lilai Wang. 

Establishing a board and appointing a chairman are among the first steps Binance has taken to adopt a more conventional corporate structure after years of operating without a headquarters.