Bitfinex Launches IEO Platform, to Debut Offering on May 23

Bitfinex, along with its sister company Ethfinex, has announced the launch of an initial exchange offering (IEO) platform called Tokinex.

As per the announcement, the IEO platform will list the first token this Thursday followed by the second listing on June 13.

While clients of both Bitfinex and Ethfinex can participate in the token sales with their existing accounts, Ethfinex is solely responsible for running the new platform.

After much development to ensure a user-optimised experience, we are proud to unveil the latest product in our portfolio, Tokinex, our new Initial Exchange Offering platform.

Read our announcement in full here: https://t.co/VQF4lPyAvC pic.twitter.com/NTSWtFaiRS — Bitfinex (@bitfinex) May 21, 2019

IEO - the new trend in crypto

IEOs have gained massive popularity in the recent months after a few successful listings by Binance on its native IEO platform Binance Launchpad. As the listings are already backed by an exchange, there is a guarantee of the tokens listing on a Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term amid the sales. In addition, unlike ICOs in an open market, the IEO-listed projects go through rigorous scrutiny and due diligence by credible sources.

Other leading global exchanges including Huobi, Bittrex, and Gate.io also jumped into the sector with their own platforms.

No listing fees

To outrun the competition, Tokinex will not charge the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term companies any listing fees, which means, for generating revenue, it will only depend on maker-taker fees amid the listing of these tokens on the exchange.

The new IEO platform has been unveiled at a time when Bitfinex is facing serious allegations of utilizing cash reserves of its affiliated company Tether to cover up a loss of $850 million. Since the NY Attorney General accused the crypto exchange of wrongdoings, it has raised $1 billion in a private placement for its exchange token LEO to compensate the losses incurred by Crypto Capital.

Meanwhile, the Supreme Court of New York has recently ceased all cash flow from Tether to Bitfinex and asked the exchange to produce all documents related to the loan.