On-Boarding process for IDO clients of BinStarter
This is a thorough, step-by-step on-boarding guide to an IDO on
BinStarter. Please read this document carefully before applying for IDOs.
1) Application & Due Diligence
We start the process by scrutinizing your application at https://form.typeform.com/to/GX7M8dq5 Please make sure that you respond to questions as diligently and precisely as possible so you won’t miss any details required for the preliminary screening.
- Applications are monitored on a weekly basis and our analysts conduct preliminary due diligence. Projects that pass preliminary due diligence, receive an invitation to join a chat with our team members.
- Meeting with the founders behind a project is the most important component of our evaluation process as it helps us discern the team members' functional backgrounds and their incentives. In this meeting, we expect to receive a detailed presentation from the team members in order to get our questions about the project's fundamentals, token basics, marketing strategy and pre-IDO and post-IDO processes answered. Therefore, the presence of at least one visionary and one technical representative in the call goes a long way to cover pretty much everything in detail.
- Next step is to evaluate all documents and details received from the project. For any reason if we need to advise changes on the tokenomics, we give feedback to the projects at this stage.
- Once all details are discussed to the point that an agreement is reached then we officially accept a project to conduct an IDO on BinStarter
2) Contract & Legals
At this stage, we ask approved projects to complete the steps below in order to sign an initial contract which will come into effect after the IDO date is scheduled on BinStarter.
- The KYC on-boarding process of all shareholders of the company needs to be completed through Blockpass.
- Projects should also provide Certificate of incorporation, articles of associations, share and director's registers of coin holding companies, issued no longer than 3 months before submission.
- Once these steps are completed, the IDO Contract needs to be signed by either CEO, CFO or COO.
- Providing an Audit of the token contract and Legal Opinion letter stating that the coin is not considered a security from UK, US or Singapore based law firms before the IDO date is also mandatory for conducting IDOs on BinStarter. If you need help in this regard, our team can refer you to several law and audit firms.
3) Marketing & Financials Planning
Time to work on details together to make sure that we will conduct a successful launch with all our onboarded projects.
- We start compiling all the project facts and figures in a blog article to introduce our collaboration to our community and make a partnership announcement.
- We can then set an initial marketing meeting that will set KPIs for the project and build a detailed marketing plan. We will regularly meet to optimize the process to boost efficiency.
- Projects IDO page on BinStarter will be created right after the IDO date is scheduled and an IDO announcement will follow accordingly.
- As a value added launchpad we will support you with our VC, partner and Exchange connections when needed. (Value added partners will be the priority so we may need to make changes to the Cap table on the way)
- Details of allocation offerings to Key Opinion Leaders needs to be defined.
- Prior to listing, we will make sure that all tokens will be locked with smart contracts to avoid unexpected issues so partners who are unable to do so need to be eliminated.
- Liquidity is a crucial component to a sustainable token economy so we will also assist in liquidity and funds management if needed.
- Unresponsive projects during the preparation period will directly be eliminated and won’t be able to conduct an IDO on BinStarter
