Bitfinex launches new IEO platform, Tokinex

21 May, 2019
by David Robb
Exchange
Bitfinex launches new IEO platform, Tokinex

The team behind the Bitfinex and Ethfinex exchanges is the latest to launch its own IEO platform. According to a Medium post, Tokinex will be going live as of today.

Binance led the way in the field of initial exchange offerings, which are rapidly replacing ICOs as a disruptive way for new crypto projects to seek investment. The company's Launchpad was shortly followed by KuCoin's Spotlight, and Huobi Prime from Huobi Global.

Bitfinex has faced controversy recently, due to allegations that it had dipped into its US Dollar reserves for leading stablecoin Tether (USDT), in order to cover its debt. The exchange also raised funds through the sale of LEO, a new utility token for Bitfinex that functions in a similar way to Binance Coin (BNB).

According to the announcement, the use of Blockpass software will simplify the process of following know-your-customer guidelines for Tokinex users: "Qualified users simply complete KYC for each sale using the Blockpass mobile app and then contribute their funds from their personal exchange wallet when the sale opens".

The first token sale on Tokinex is due to take place on June 13, at 1100 UTC. Details of the project will be released on May 23.

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