Crypto company Ampleforth has listed its cryptocurrency on two digital asset exchanges – Bitfinex and its sister platform Ethfinex – to enable trading in the secondary market.
It was the first token to conduct an initial exchange offering (IEO) on Bitfinex’s Tokinex platform earlier this month and raised $5 million by selling AMBL tokens in a mere 11 seconds. Though the company handed out only 10 percent of its circulating coin in the IEO, amid the massive demand it listed $100,000 worth more tokens for investors.
Commenting on the development, Jean-Louis van der Velde, CEO of Bitfinex, said: “We are excited to list Ampleforth on Ethfinex. Ampleforth and Ethfinex both share a vision, paving the path in becoming an integral part of a robust decentralized economy of the future. Ethfinex will transition towards becoming the trustless exchange of the people, while Ampleforth transforms the face of finance by setting new standards in stability for digital commodities.”
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A unique digital currency
Ampleforth is developing a digital asset protocol for smart commodity money which “moves without correlation to other digital and traditional assets.”
According to the company, the protocol receives exchange-rate information from trusted oracles and propagates that to holders of AMPLs by proportionally increasing or decreasing the number of tokens each individual holds based on the magnitude of exchange fluctuation. This will also affect the token’s market capitalization and make the coin less susceptible to the price fluctuation of Bitcoin.
“We are grateful for the tremendous amount of interest in Ampleforth,” Evan Kuo, founder and CEO of Ampleforth, added. “We anticipate that Ampleforth will have a successful launch because every institution, portfolio manager, and trader recognizes the need to decrease their risk exposure by diversifying with uncorrelated assets. And we look forward to our long-term vision of creating a macroeconomically friendly asset that’s suitable for use as reserve collateral in decentralized banks.”
Although Bitfinex was going through the trouble for its involvement with Tether, the company launched its IEO platform last month and appointed its sister platform Ethfines to run the platform. The platform guarantees its partner tokens a listing on either of the exchanges and also does not charge any listing fee from them.