Bitfinex and Ethfinex unveil new IEO platform called Tokinex

The new, rebranded ICO is in full swing. Initial exchange offerings, or IEOs, have brought the controversial form of fundraising back to life under a new guise, and it appears to be working. And, fresh off an IEO fundraiser, which nicely makes up (more or less) its missing funds, Bitfinex has now developed an IEO  platform to help it raise even more money from willing participants.

- Advertisement -

The new platform—launching today—is called Tokinex, and it’s being developed by both Bitfinex and its Ethereum-based sister company Ethfinex. It will offer a number of IEOs, in a similar fashion to Binance Launchpad.

However, in a twist to the standard IEO model, Bitfinex claims it won’t be asking for upfront listing fees—perhaps to encourage more projects to sign up. Instead it will presumably take a cut on the token sale proceeds, as is standard IEO practise.

The first token sale on Tokinex—which presumably wasn’t called Token-ex due to this company—will be announced on May 23. Tokens issued on the platform will be listed on both Bitfinex and Ethfinex, suggesting a focus on Ethereum-based coins.

The platform will operate using Blockpass, a third party KYC and ICO platform provider. It will be plugged into the two exchanges so tokens will be able to deliver to customers’ wallets whichever exchange they use.

Jean Louis van der Velde, CEO of Bitfinex, Ethfinex and Tether, said, “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.”

But what about the quality of Tokinex tokens? Rest assured—before its listed, a token has to go through “commercial due diligence.” Which probably translates as: Will it fly?

- Advertisement -

Source

Previous Articles:

- Advertisement -

Latest

Congress Debates Stablecoin Bill Amid Rising Bank and Crypto Tensions

U.S. lawmakers are moving forward with the Senate Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, with debates set to resume after...

American Engineer Drugged, Robbed in Sophisticated London Crypto Heist

An American software engineer lost approximately $123,000 in cryptocurrency after being drugged and robbed in London.The victim was targeted by an impersonator posing as...

Max Keiser Doubts New Bitcoin Treasuries’ Discipline in Bear Market

Bitcoin-focused companies are increasingly copying the treasury strategy used by Michael Saylor's Strategy.Max Keiser raised doubts about whether these newer companies can maintain commitment...

South Korea Election Puts Crypto Policy at Center of Debate

Nearly one-third of South Koreans hold digital assets, making crypto a vital issue in the upcoming presidential election.Both major parties support crypto exchange-traded funds...

Scottsdale Residents Lose $6M to Crypto Scams; Police Respond

Scottsdale residents have reported losing over $6 million to cryptocurrency Scams in 2024.Authorities say actual losses could be higher, as not all cases are...

Must Read

What Is Bcrypt Password Hashing Function?

KEY TAKEAWAYSBcrypt is a password hashing function that transforms plain passwords into unique alphanumeric sequences.It is a one-way process, ensuring that passwords cannot be...