Bitfinex is launching its first token sale after the launch of its IEO platform, Tokinex. The exchange is holding its first IEO for ‘smart commodity-money’ digital asset, Ampleforth (AMPL). Bitfinex in collaboration with Ethfinex had launched the IEO platform on 21 May and is now holding its first token sale.
About the token sale
Ampleforth is a digital asset that works with trusted oracles to obtain accurate and fluid exchange-rate data. The protocol then transmits the data to AMPL holders in proportion to the amount each holder has to arrive at an end price that less correlated to Bitcoin or any other digital asset. AMPL like Bitcoin can be considered as an alternative to central-bank money, it may be used to diversify cryptocurrency portfolios and as reserve collateral in decentralized banks such as Maker DAO.
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While users from the U.S and other restricted areas are not allowed to participate in the IEO due to local regulations, qualified users can verify for the Ampleforth token sale on Tokinex via the BlockPass app at 13:00 UTC on 13th June and last until $4.9 million hard cap is reached or 19th June. Interested and qualified users can get started by visiting the website right away.
The Initial Exchange Offering IEO, Tokinex was launched 2 days ago by Bitfinex and hybrid Ethereum-based trading platform, Ethfinex. In an official announcement of the launch, Bitfinex said it will support new, innovative projects in the cryptocurrency industry. With its vast experience in the industry, the exchange said it has designed a platform that is expected to make project launch as seamless as possible. A unique feature of Tokinex is that projects will only be charged for using the platform if the IEO is successfully completed. At last, crypto startups can conduct token sales without worrying about fees in the event that the sale does not succeed.