Bitfinex, the controversy-ridden cryptocurrency exchange, announced its collaboration with a hybrid Ethereum-based trading platform, Ethfinex, to launch an Initial Exchange Offering [IEO] platform, Tokinex. This development comes after the recent debut of Bitfinex’s exchange utility token [LEO].

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

According to Bitfinex’s official post, Tokinex will enable “qualified” customers to access pre-vetted token projects. The “qualifying projects” would be charged a fee, only if it underwent a successful sale.

Additionally, if the project successfully raises capital on the platform, it would be provided with unique offers like a dual exchange listing.

The post also elucidated that the first token on Tokinex would be announced on the May 23. However, following the uncertain regulatory climate in the US, users will not be permitted to participate in Tokinex. Customers from other “restricted jurisdictions” are also barred from participating in the IEO.

According to reports, Will Harborne, the Co-founder of the ERC20-based exchange platform was quoted saying,

“Tokinex has been several months in development, incorporating feedback, testing and learning to reach a quality level users have come to expect at Bitfinex and Ethfinex. It has been carefully crafted to put the user experience front and centre, from incorporating Block Pass for KYC that is easy to use and does not store personal data, to being able to contribute existing assets directly from the user’s own wallet, rather than having to purchase a native platform token to participate.”

Following the latest lawsuit by the New York Attorney General, Bitfinex was the target of significant hostility from the wider crypto community. However, Harborne is planning to leverage the attention for the platform’s upcoming token sales.

The post Bitfinex launches new IEO platform Tokinex following LEO token issuance appeared first on AMBCrypto.

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