Bitfinex, a cryptocurrency trading platform dogged for years by controversy, is launching a platform for the issuing of IEOs (initial exchange offerings).
IEOs are essentially a revamped version of the ICO (initial coin offering) except that rather than being sold directly to investors by issuers who then later seek a listing on exchanges, exchanges themselves assist in the creation of tokens. Listing is virtually guaranteed.
In IEOs, exchanges typically take a percentage of tokens, may charge a listing fee end eventually make money from trading fees.
The new IEO platform in question, Tokinex, will be jointly operated by Bitfinex and Ethfinex, two exchanges which, along with the stablecoin-issuing entity Tether, are owned by parent company iFinex, which is registered in the Virgin Islands.
Ethfinex co-founder Will Harborne reportedly told The Block that the first Tokinex IEO will be issued in days and several tokens issued every month thereafter.
Harborne does not mention accredited investors, and instead says Tokenix IEOs can be immediately purchased by Bitfinex and Ethfinex customers on the platform.
The Block writes that Harborne also reportedly promised, “…strict self-regulation and self-enforcement, especially during this time when they are under public scrutiny due to the NYAG lawsuit.”
iFinex is currently coping with a court case brought against it by the New York Attorney General, whose offices allege the company engaged in fraud ..
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