What is Pintu (PTU)? The Fourth Project On Bybit Launchpad

Bybit Launchpad has announced the launch of Pintu (PTU)The exchange will follow the Launchpad subscription format to issue PTU, the time to record user BitDAO (BIT) balances for 5 days in Spot Account and ByFi Account from 2021-11-20 00:00 to 2021-11-24 23:59(UTC).

If you don’t have a Bybit account, sign up here to join the event.

What is Pintu (PTU)?

Pintu, a licensed crypto broker under the Indonesian Commodity Futures Trading Regulatory Agency (BAPPEBTI). Its platform provides the opportunity to access a new open financial system to let users buy, sell, manage, and utilize cryptocurrency easily and quickly.

Pintu has raised $35 million from some of blockchain’s biggest venture funds in Series A, including Lightspeed Venture Partners, Alameda Ventures, Blockchain.com, Pantera Capital, Coinbase Ventures, Castle Island Ventures and Intudo Ventures.

Token

  • Name: PTU
  • Total Supply: 300,000,000 PTU
  • Total Allocated: 4,000,000 PTU (1.33% of the total supply)
  • Cap per User: 8,000 PTU
  • Price: 1 PTU = $0.25 (exchange rate between BIT and PTU will be confirmed when the subscription period starts)
  • Format: Multiple subscriptions supported
  • Committed Token: BIT only

How does it work?

Over this 5-day period, the daily average amount of BIT in your Spot Account and ByFi Account will be recorded through hourly snapshots. Your BIT balance snapshot of the current day will be updated at 3:00 AM UTC on the next day.

Subscription Period: 3:30AM UTC on Nov. 25, 2021 to 10:59AM UTC on Nov. 25, 2021

You must click on the “Commit Now” button to commit a certain amount of BIT towards the new project during this subscription period. The max. amount of BIT you can commit depends on the daily average BIT balance in your Spot Account and ByFi Account over the 5-day snapshot period.

Please note that the amount of BIT you’ve committed will be locked and cannot be accessed for transfers, withdrawals or trading until after the final PTU distribution.

Distribution Period: 11:00AM UTC on Nov. 25, 2021 to 11:59AM UTC on Nov. 25, 2021

Your final PTU allocation amount = (the amount of BIT you’ve committed / total amount of BIT committed by all participants) * total amount of PTU allocated for the project.

Based on your final PTU allocation result, the corresponding BIT equivalent will be deducted from your committed amount, while your PTU allocation and the remaining BIT will be credited back to your Spot Account.

Listing: The new spot pair, PTU/USDT, will be live for trades at 12:00PM UTC on Nov. 25, 2021.

If you don’t have a Bybit account, sign up here.

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