Bitfinex launches new IEO platform called Tokinex

Bitfinex and Ethfinex have launched a new IEO platform called Tokinex, with a mystery three-week-long token sale due to open tomorrow

Cryptocurrency exchanges Bitfinex and Ethfinex have announced the launch of a new IEO platform called Tokinex, with a mystery token sale due to open tomorrow.

Tokinex allows qualified users to discover and participate in carefully curated, pre-vetted token sales from “new and exciting projects in the crypto space”.

Users need to complete KYC for each sale using the “Blockpass mobile app” and then contribute their funds from their personal exchange wallet when a sale opens. The verification window for the first platform listing will begin on May 23 and go on until June 13.

Not available to US citizens

The exchanges stated in bold print in their announcement blog post: “US persons and persons from other restricted jurisdictions are not permitted to participate in Tokinex.”

They also said that very much like other IEO competitors, Bitfinex and Ethfinex will provide “assurance that all projects go through several layers of technical and commercial due diligence” and “comprehensive research reports provided by independent third parties”.

Key platform features include “access to pre-vetted token projects, frictionless secondary market trading, and a Blockpass KYC service”.

As the race hots up in the IEO market, which has been pioneered by Binance in 2019, we have seen generous returns for the lucky few who have managed to participate in a variety of decentralised projects.

Jean Louis van der Velde, CEO of Bitfinex and Ethfinex, said: “Tokinex brings the opportunity for anyone to participate in quality token sales in a fair environment, and for tokens to gain exposure to Bitfinex and Ethfinex users with no upfront cost.

“We are committed to excellence across the iFinex platforms and the first token partnership, soon to be announced, is no exception.”

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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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