Developers Start Unlocking Locked Tokens in This Altcoin

Cryptocurrency analysis platform Arkham announced that Space ID, a provider of web3 domains and digital identities, has begun unlocking tokens for its Strategic Selling program.

The first unlock took place today at 05:13 UTC+3, and the multi-signature contract (0x54…497d) released 26.667 million ID tokens from the Space ID Strategic Sale Unvested contract. This release is estimated to be worth around $11.92 million.

This Strategic Sale round represents 8% of the total token supply of 160 million. The sale is structured with a 1-year gap followed by a quarterly release for the next 3 years.

Space ID offers domain registrations, sales and management services for a variety of web3 top-level domains including .eth, .bnb and .arb.

In addition to domain services, Space ID also provides a web3 name SDK and API service that integrates multiple web3 name services.

At the time of writing this article, the ID token is trading at $0.4483 and it is observed that the unlocking process has not created much selling pressure so far.

*This is not investment advice.

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