What is Tokinex? Details about the IEO platform of crypto exchange Bitfinex

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2021-03-22 12:03:40

What is Tokinex?

Tokinex is the IEO sale platform for users of Bitfinex and Etherfinex exchanges. This Tokinex platform will allow users to directly use their Finex accounts to participate in buying tokens from new projects that have been censored from the exchange. Tokinex will announce its first token sale on Thursday, May 23, 2019, followed by an IEO on June 13.

Tokinex differences

This new method of opening and selling tokens is judged to be more difficult than ICOs. Buyers must go through Identity Verification (KYC) and Anti-Money Laundering (AML). In return, the exchanges commit the projects they offer that have the potential and produce quality products.

Thus, Bifinex has officially participated in the IEO race along with other famous Bitcoin exchanges such as Bittrex, Binance, Huobi, KuCoin. However, according to the official announcement from Bitfinex, the IEO on Tokinex will not be the same as other platforms such as Binance Launchpad, Huobi Prime, or KuCoin Spotlight and the difference between Bitfinex’s new IEO platform compared to other platforms. is that Tokinex will not charge a fee for the project and then the project’s token will be listed on both Bitfinex and Ethfinex.

Specifically, projects that achieve quality and successfully sell IEOs on Tokinex have to pay a fee as required. And, the successful fundraising project will be dual listed, with the opportunity to increase the liquidity of the project’s token.

How to join an IEO on Tokinex?

The first IEO project on Tokinex will be announced on May 23. IEO buyers on Tokinex will have to do KYC through Blockpass, find out sales information through reports provided by the exchange, and make payments in the wallet. However, Bitfinex declined to comment on whether users were charged for participating in the IEO or not. Users in the US and restricted regions will not be allowed to participate in IEOs on Tokinex of Bitfinex and Etherfinex.

More notably, earlier, on May 20, Bitfinex opened a transaction for LEO – its own token (similar to BNB, HT, OKB,…). LEO was created to raise capital from private funds with the aim of compensating for the $ 850 million that is being “lost” by the exchange and the function of reducing transaction fees.

Expected, the first IEO will take place at 19:00 on June 13, Vietnam time.

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