Swarm Token Sale Scheduled for June 14 on CoinList

Eligible users for both Option 1 and 2 include users who do not reside or are citizens of the United States, China, and Canada.

The Swarm Token sale (BZZ token) is underway via CoinList as Swarm Foundation announced on June 3, that registrations for its token are now open. According to the announcement, the Swarm token sale commences on June 14 at 17:00 UTC with June 11 being the deadline as sales are expected to end at 12:00 UTC.

The Swarm Token sale on CoinList comes with two different sale options and terms as Option 1 will run from June 14, 2021, 17:00 UTC to June 15, 2021, 04:59 UTC. Option 2, which will only occur if there are excess tokens from Option one, will run from June 15, 2021, 17:00 UTC to June 16, 2021, 04:59 UTC. Both options however share the same BZZ token pool but will have separate and independent sale queues and eligible users will register for both options just by registering for the sales. Eligible users for both Option 1and 2 include users who do not reside or are citizens of the United States, China, and Canada.

The Swarm Foundation also revealed that the sale and distribution of the swarm token will be optimized to which will see the distribution of the swarm utility token to most users and as such, not everyone will get a chance to get into the token sale.

Eligible users that don’t get the chance to participate in the token sale on CoinList will get another chance via a decentralized exchange which will be available after the mainnet launch and will allow interested persons to acquire BZZ for DAI or to sell BZZ for DAI. The Swarm Foundation has warned its users of scams, noting that projects, people, and exchanges currently offering the BZZ token are not affiliated with the Swarm Foundation, and the Swarm Foundation does not endorse such activities before mainnet release.

The foundation added that the BZZ token has not been distributed nor deployed yet, and the foundation has not engaged with any exchange on BZZ listings. Private buyers are also not allowed to pledge the token before the mainnet launch. “We invite all eligible CoinList users to register,” the foundation wrote on its website.

The Swarm foundation stated that BZZ is not registered as a security or any financial product in any jurisdiction. “Due to regulatory uncertainty, BZZ will not be offered or sold to US persons or in the United States, Canada, or other prohibited jurisdictions and nothing in this communication shall be construed to be an offer made to residents in those jurisdictions,” it stated.

Swarm, once a research project has evolved into a system of peer-to-peer networked nodes that create a decentralized storage and communication service. The Swarm system is economically self-sustaining as it is equipped with a built-in incentive system enforced through smart contracts on the Ethereum blockchain.

Author Kofi Ansah

Crypto fanatic, writer and researcher. Thinks that Blockchain is second to a digital camera on the list of greatest inventions.