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Today Bitfinex enters the popular business of initial exchange offering (IEO). The first sale on the new platform called Tokinex will be announced this Thursday 23rd May.
Bitfinex, Hong Kong-based digital asset trading platform, decided to join the list of Initial Exchange Offering (IEO) platforms which already include industry’s major players such as Binance, OKEx, Huobi, Bittrex, and others. The first token launch on Tokinex will be announced on Thursday, meanwhile, the second sale will take place on June 13. Jean Louis van der Velde, CEO of Bitfinex and Ethfinex, noted:
“What it means to be an exchange has evolved alongside the maturing crypto market. It has become an entire ecosystem, not just limited to the remit of trading digital assets.”
Worth noting, Bitfinex claims to have some advantages in comparison with other IEO platforms. Tokinex allows users to participate in curated, pre-vetted token sales from new projects listing on the site. Bitfinex put stress on transparency and the possibility to directly contribute assets and receive the tokens back into the same exchange wallet.
Moreover, Tokinex is claimed to be secure as it uses the Blockpass KYC service that does not store personal data. Users will also have access to research reports made by third parties. What is more attractive, token issuers will not have to pay upfront fees and successful projects will be listed on both the Bitfinex and Ethfinex exchanges. CEO of Bitfinex and Ethfinex added:
“Tokinex has been several months in development, incorporating feedback, testing and learning to reach a quality level users have come to expect at Bitfinex and Ethfinex. It has been carefully crafted to put the user experience front and centre, from incorporating Block Pass for KYC that is easy to use and does not store personal data, to being able to contribute existing assets directly from the user’s own wallet, rather than having to purchase a native platform token to participate.”
In addition to Tokinex, Bitfinex has just launched its own exchange tokens – LEO. Just for a reminder, the official white paper for its $1 billion token sale was released in early May, and the whole event was designed to provide liquidity to the company after its $850 million funds were frozen by authorities.
Having decided to launch IEO platform Bitfinex picked up the torch of OKCoin, KuCoin, Binance, and other known exchanges. And this kind of preference is absolutely understandable. Just to remind you, in contrast to the well-known ICO scheme, IEO is performed directly on the cryptocurrency exchange platforms. Therefore, the risks are transferred from the investor to the exchange, which boosts the level of users’ confidence and security. By the way, you can check all the benefits of this fundraising model in our IEO guide.
Bitfinex continues to expand its ecosystem and invites to take part in its first token sale. Be aware, that U.S. citizens and citizens from other restricted jurisdictions are not permitted to participate in IEO on Tokinex.