Bitfinex has announced its entry into the initial exchange offering (IEO) space with the launch of a new platform called Tokinex.
The exchange worked on the platform with the Ethfinex exchange, the CEO of the firms Jean Louis van der Velde confirmed on May 21.
According to a press release announcing the launch, the first token sale on the platform will go ahead on Thursday, May 23. This will be followed by another scheduled for June 13.
Tokinex participants will go through a customer verification- Know Your Customer (KYC) – check carried out through the BlockPass mobile app.
The new IEO platform will reportedly not retain or store the personal details of those who participate in the token sales. In addition, Bitfinex has said that its customers, as well as those of Ethfinex, will use funds from their respective exchange wallets when taking part in the token sales.
The exchange has also promised to ensure Tokinex users enjoy a platform that guarantees them transparency and will ensure investors are served with enough information about each planned token sale.
Investors will also access sufficient details for undertaking due diligence from independent third party researchers of the IEOs.
Tokinex will ostensibly allow token issuers to list tokens without paying any listing fees. Additionally, the tokens issued on the platform will be available post-sale on Bitfinex and Ethfinex.
The launch of the new platform comes days after Bitfinex unveiled “UNUS SED LEO,” the exchange’s own exchange utility token. The exchange said the token will be used by holders to access a range of activities on the exchange.
It will also be available for trading, with pairs against U.S. dollars (USD), the stablecoin tether (USDT) as well as BTC, ETH, and EOS.
The move by Bitfinex into the initial exchange offering market sees it join other notable cryptocurrency exchanges like Binance, OKCoin, and KuCoin in offering IEO platforms.