Cryptocurrency exchange Bitfinex is set to launch an Initial Exchange Offering (IEO) platform called Bitfinex Token Sales (BTS), according to a press release shared with Coin Rivet.
The decision to move towards a platform that raises capital for start-ups comes after the likes of Binance, OKEx, and Bittrex all launched their own IEO platforms earlier this year.
More than short-term results
However, Bitfinex CTO Paolo Ardoino believes Bitfinex Token Sales will offer more than just short-term results.
“Most IEOs are marketing campaigns that focus on achieving a short-term result, but that’s not how real businesses are built. Successful businesses are built through long-term, sustainable growth,” he said.
“I think some crypto projects are too focused on short-term results, and this can harm a project’s long-term prospects. We learned a lot from observing the performance of IEOs over time and across different platforms as well. Those observations inspired us to take a step back and re-tool our own approach and technology, which we’re incredibly excited to share with the world today.”
Bitfinex Token Sales will also provide a use case for the recently launched LEO token, which raised $1 billion in May.
The LEO token will be part of all future token sales on BTS in the same way Binance’s BNB token is used on Binance Launchpad.
Kim Dotcom project debuts on Tokinex
The first project that will go live on Bitfinex Token Sales will be K.im, a P2P digital content and monetisation blockchain network overseen by Kim Dotcom. The project has so far raised $2.5 million from private investors including Max Keiser.
“Combining the internet with Bitcoin gives us a real chance of achieving the original promise of the internet; freedom of speech, commerce, and finance,” said Kim Dotcom, evangelist of K.im.
“I founded K.im to allow artists, content creators, and digital businesses to cut out all the middlemen and sell content and digital goods without censorship and outside of monopolies. Bitcoin is now at the stage where it can scale with our vision. We can finally create our KIM token on top of Bitcoin thanks to recent technical breakthroughs like Lightning and Liquid.
“Bitfinex is the perfect partner to help us distribute KIM tokens, built on Bitcoin, to those who want to access the freedoms that our products provide.”
The K.im token sale will take place on October 22, with the platform going live in Q3 2020 when KIM tokens will also be listed.
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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.