Bitfinex to launch Tokinex platform for Initial Exchange Offerings

Exchanges

After the recent scandal involving Bitfinex and Tether regarding the $850 million funds and the involvement of the NY Attorney General office that launched an investigation, the major Asian exchange engaged in several actions that were meant to improve its image and, why not, get some money in process in order to show the market and investors they are there to stay.

We now witness Bitfinex taking a new step towards offering customers the possibility to acquire digital tokens offered by new blockchain projects that will participate in Initial Exchange Offerings on their Tokinex platform.

Tokinex platform has been built in collaboration with Ethfinex to create a safe environment for customers and investors looking to acquire digital coins sold by new blockchain-based projects. To accomplish this purpose, Tokinex will impose a set of KYC rules to make sure buyers will not try to manipulate the token sales and further on to offer transparency and background checks for projects that sell their digital coins of the new IEO platform.

One of the most interesting pieces of information revealed in the company’s press release indicates that Tokinex will not charge blockchain projects engaged in IEOs on the platform. After the completion of the IEO, the digital token will become available to Bitfinex customers on the main exchange for trading purposes.

Bitfinex has recently announced the launch of its own native token under the name of LEO that was created for utility purposes on the exchange. With the launch of Tokinex IEO platform, we are certain that LEO will be offered to customers who are looking to participate in the Initial Exchange Offering, somehow similar to what Binance does on its Launchpad with Binance Coin.

All these events took place very fast in a matter of weeks after the Bitfinex / Tether scandal erupted into the media. Bitfinex raised in late April around $1 billion from private parties to create the native exchange token that will now be used in the brand new IEO platform in town: Tokinex.

The first IEO sale will take place somewhere in the middle of June 2019 and everybody is interested to see if Tokinex will replicate the successful launches of Binance Launchpad, its main competitor in this new IEO fundraising method for blockchain-based startups.

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