Cryptocurrency Trading Platform Binance announced that they would list $ACM - the AC Milan fan token which is power by Chiliz. They offered users to purchase the tokens at a 25% discount prior to trading opening yesterday.
Binance will list AC Milan Fan Token (ACM) and open trading for ACM/BTC, ACM/BUSD and ACM/USDT trading pairs.
The announcement sent the value of the $ACM token all the way up rising from about $4.6 on Tuesday to $20.7 on Wednesday.
Binance have announced that a total of 27,414 participants committed 5,709,829.9577 BNB during the subscription. This represented an oversubscription pf 1,484x.
Here is some information on the future releases:
ACM has a total token supply of 20,000,000, of which about 2,000,157 were distributed to club fans via a Fan Token Offering. The remaining tokens are held by AC Milan and can be acquired by participating in community activities, as well as by purchasing directly on exchanges.
ACM token release schedule
The ACM tokens held by AC Milan has a monthly linear vesting schedule of 6 years, of which 4,000,000 ACM tokens are released in the first year and 3,200,000 ACM tokens per year for the following 5 years, starting from February 2021.