Bitfinex launches new IEO platform Tokinex following LEO token issuance

Bitfinex, the controversy-ridden cryptocurrency exchange, announced its collaboration with a hybrid Ethereum-based trading platform, Ethfinex, to launch an Initial Exchange Offering [IEO] platform, Tokinex. This development comes after the recent debut of Bitfinex’s exchange utility token [LEO].

After much development to ensure a user-optimised experience, we are proud to unveil the latest product in our portfolio, Tokinex, our new Initial Exchange Offering platform.
Read our announcement in full here: https://t.co/VQF4lPyAvC pic.twitter.com/NTSWtFaiRS
— Bitfinex (@bitfinex) May 21, 2019

According to Bitfinex’s official post, Tokinex will enable “qualified” customers to access pre-vetted token projects. The “qualifying projects” would be charged a fee, only if it underwent a successful sale.
Additionally, if the project successfully raises capital on the platform, it would be provided with unique offers like a dual exchange listing.
The post also elucidated that the first token on Tokinex would be announced on the May 23. However, following the uncertain regulatory climate in the US, users will not be permitted to participate in Tokinex. Customers from other “restricted jurisdictions” are also barred from participating in the IEO.
According to reports, Will Harborne, the Co-founder of the ERC20-based exchange platform was quoted saying,
“Tokinex has been several months in development, incorporating feedback, testing and learning to reach a quality level users have come to expect at Bitfinex and Ethfinex. It has been carefully crafted to put the user experience front and centre, from incorporating Block Pass for KYC that is easy to use and does not store personal data, to being able to contribute existing assets directly from the user’s own wallet, rather than having to purchase a native platform token to participate.”
Following the latest lawsuit by the New York Attorney General, Bitfinex was the target of significant hostility from the wider crypto community. However, Harborne is planning to leverage the attention for the platform’s upcoming token sales.
The post Bitfinex launches new IEO platform Tokinex following LEO token issuance appeared first on AMBCrypto.
Source: AMB Crypto

Bitfinex Expands Its Ecosystem Launching IEO Platform Tokinex

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Bitfinex Expands Its Ecosystem Launching IEO Platform Tokinex
Today Bitfinex enters the popular business of initial exchange offering (IEO). The first sale on the new platform called Tokinex will be announced this Thursday 23rd May.
Bitfinex Expands Its Ecosystem Launching IEO Platform Tokinex

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Source: CoinSpeaker

Why IEOs Might Drive New Investors to the Crypto Market

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Why IEOs Might Drive New Investors to the Crypto Market
In this article, we will be exploring the main reasons why IEOs may, in fact, drive a flock of new investors into the crypto market.
Why IEOs Might Drive New Investors to the Crypto Market

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Source: CoinSpeaker

Bitfinex Officially Reveals LEO Token Trading Date, Cites Completion of $1bn IEO

The latest post by Bitfinex crypto exchange reveals that they’ll list its newly announced utility token ‘UNUS SED LEO token’ on its platform on Monday, May 20, 2019.
Although Bitfinex and Tether was the hot topic earlier due to the shortfalls of USDT funds and the lack of stablecoin feature, the growing demand for LEO token since its announcement brought the most appealing scenario for cryptocurrency exchange.
Bitfinex confirms LEO token listing via its official blog on May 17, 2019. It states that the LEO trading on Bitfinex will begin at 8:00 UTC at the start of the upcoming week, Monday, the May 20th. Initially, the token will be paired against BTC, USD, USDT, EOS, and ETH.
The platform had earlier introduced the whitepaper of its LEO utility token on May 10th and according to the reports, the exchange has completed LEO token private sale successfully. As a result, Bitfinex was able to raise one billion USDT worth of Bitcoin, USD, and USDT.
Read also – Bitfinex Confirms it Raised 1 Billion USDT Through closed IEO
At the moment, nothing more about who bought the tokens in closed fundraising campaign was revealed but it stated that the response was overwhelming.
“The overwhelming response and expedient execution of the token sale represents a new milestone for Bitfinex and the greater Blockchain community,” the post said.
As for now, Bitfinex has fortunately raised expected USDT through its Initial Exchange Offering (IE)) of LEO token. Nevertheless, the listing and trading in pairs of limited coins will commence at the start of next week.
Let us know what do you think of Bitfinex’s success of raising one billion USDT through LEO token sale.?
Image source – Bitfinex blog
The post Bitfinex Officially Reveals LEO Token Trading Date, Cites Completion of $1bn IEO appeared first on Coingape.
Source: CoinGape

Initial Exchange Offerings: The Benefits and Limitations

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Initial Exchange Offerings: The Benefits and Limitations
In this article, we want to in-depth explain the benefits of IEO for your business and its limitation. Nonetheless, to give ultimate tips on how to run a profitable IEO project.
Initial Exchange Offerings: The Benefits and Limitations

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Source: CoinSpeaker

Binance reigns as the largest Initial Exchange Offering platform, finds BitMEX research

Initial Exchange Offerings [IEO] is usually referred to as the concept replacing Initial Coin Offering [ICO]. More so, several new projects are opting to raise funds via an IEO instead of an ICO, considering the fact that top exchanges are the ones providing this service.
Binance, one of the largest exchanges in the world was one of the first exchanges to introduce a token sale platform, Binance Launchpad. The platform conducted a token sale for nine projects, with the most significant one being the BitTorrent token sale. A recent report by BitMEX research on Initial Exchange Offerings revealed that Binance was the largest Initial Exchange Offering platform.
Additionally, the exchange raised a total of $17.3 million in IEOs so far, with BitTorrent being the largest token sale on the platform since it raised $7.5 million via the IEO. The second largest token sale that took place on the platform was the Celer Network, with the project raising $4.5 million, and the third largest was Fetch.AI, with the project raising $4.1 million.
Source: BitMEX research
Notably, other exchanges providing token sale services on the platform include Huobi, Bittrex, Okex, BitMax, and KuCoin. So far, Huobi has held two token sales on its platform, for TOP and Newton, and secured the second position after raising a total of $8.1 million. Bittrex stood third with a total of $7 million for one project, VeriBlock.
BitMEX research stated,
“The number of IEOs taking place has intensified in recent months, as the model is proving somewhat successful. Smaller exchange platforms are attempting to replicate the model [..] US$38.9m has been raised so far by IEOs in 2019 (up to 25th April). Binance has been the most prolific IEO platform by a considerable margin.”
Top exchange platforms by IEO funds raised | Source: BitMEX Research
The post Binance reigns as the largest Initial Exchange Offering platform, finds BitMEX research appeared first on AMBCrypto.
Source: AMB Crypto

ABCC Exchange Launches Poseidon Network IEO for Decentralized Space Sharing

The world is moving towards decentralization of the internet via the blockchain. Several startups exist that provide one form of service or the other in the decentralized ecosystem. Poseidon Network, one of such startups is focusing on decentralizing data and bandwidth sharing among internet users and has launched an IEO through ABCC Exchange today, 13 May 2019.       
How it works
Just like miners who share spare space and bandwidth for mining cryptocurrencies and get paid for it, other internet users can do the same and Poseidon Network is out to make this possible. According to the company, it is providing an alternative data sharing method that is much faster and cheaper than the existing structures for such sharing by using the Internet of Things (IoT) devices.
Users of the network will be rewarded with two types of tokens, QQQ tokens, and PSD token. The first will be used as a utility token on the network for miner reward and users who pay using this token are entitled to discounts. The second token PSD, on the other hand, is real security tokens distributed to users. Holders of PSDs have certain rights on the network such as contributing to making decisions on the developments on the network through voting and share in the profits of the network.
About Poseidon Network
Poseidon Network, under CEO Light Lin is building a decentralized sharing platform for unused internet bandwidth, storage, and processing power in exchange for cryptocurrencies. It provides a decentralized CDN (Content Distribution Network) service which is incentivized by using the QQQ Tokens. It is both faster and cheaper than existing cloud services provided by AWS (Amazon Web Services) and GCP (Google Cloud Platform).
Poseidon now has major clients in the gaming industry in Taiwan who use the company’s bandwidth sharing service to cut server cost. The company is also part of the Tron ecosystem which is focused on decentralization of the internet. The Co-Founder of Longhash and Co-founder/COO of Aelf is its advisors and it has signed an MoU with Harmony and Aelf for collaboration.
The IEO
Poseidon Network is supported by ABCC Exchange for its IEO which is to be launched on 13th May. The IEO has a total of 250 million QQQ for sale, a total of 1.19% of the token’s total supply of 21 billion. Only USDT is accepted for the purchase of tokens at 0.0002 USDT per token on a first come first serve basis and will last till 17 May 2019. Users from the United States cannot participate in the IEO due to regulatory reasons.
With the Poseidon internet users with extra storage space and bandwidth can now earn money sharing their space and the QQQ and PSD tokens will be used in the decentralized data sharing economy.
You can buy the QQQ tokens on ABCC.
You can also contact Poseidon’s team on telegram
The post ABCC Exchange Launches Poseidon Network IEO for Decentralized Space Sharing appeared first on Coingape.
Source: CoinGape

Official: Bitfinex LEO Whitepaper is Live, Noting $LEO as Utility Token on iFinex ecosystem

Ahead of the official update, debate on Bitfinex’s IEO of $LEO turned as a hot topic – nevertheless, reports also revealed that the pre-order saw oversubscribed. As an end to the hype, the exchange has finally released an official whitepaper of LEO token which seems to be a utility token.
Bitfinex LEO Whitepaper is Live
iFinex, the parent company of Bitfinex crypto exchange released Bitfinex’s $LEO whitepaper on May 05, 2019. It is aimed to raise $1 Billion and as such, it will issue 1 billion LEO tokens via Unus Sed Leo, a company based in the British Virgin Islands.
Per the whitepaper information, LEO token is a utility token which puts in public against USDT or Tether. During the token sale, participants can purchase 1 LEO by contributing 1 USDT to exchange’s pre-defined IEO sale. In $LEO’s detail whitepaper, the company states that issuer may also ‘accept other forms of consideration in its discretion. In addition, the peer-to-peer market of LEO: USDT will begin after the successful completion of the token sale. Moreover, it reads that;
Up to 1 billion Tokens will be issued by the Issuer. The Tokens will be sold in a private offering outside of the United States without the means of general solicitation or general advertising. Any Tokens that remain issued may be sold in the manner and times determined by the Issuer in its sole discretion.
Nevertheless, at the very beginning of 18 pages of the whitepaper, the company noted the restrictions to the U.S persons and US jurisdiction. It added;
TOKENS WILL NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS AND OTHER PROHIBITED PERSONS
The whitepaper further reveals iFinex’s current project as well as upcoming plans- it adds Bitfinex, Ethfinex Trustless, and Nectar as the ongoing project whereas the future projects in the list are Bitfinex Derivatives, eosfinex, iFinex IEO Platform , A Licensed & Regulated Security Token Exchange, Dazaar, Betfinex, Digital Assets on Lightning Network and μFinex.
Also Read: Bitfinex Vs. New York AG Case: $850 Million Lost? Here are the Facts and Updates
While the crypto community is familiar with the current projects of iFinex, the forthcoming project names are quite new which will bring new visions and services in the crypto landscape managed by iFinex.
The whitepaper further mentioned the hacking incident of Bitfinex exchange occurred during Aug 2016 which led the exchange to suffer from the loss of nearing 1,20,000 BTC. Adding that, it explains;
Bitfinex created a tradable Recovery Right Token (RRT) for BFX holders that converted BFX tokens into shares of iFinex.
The post Official: Bitfinex LEO Whitepaper is Live, Noting $LEO as Utility Token on iFinex ecosystem appeared first on Coingape.
Source: CoinGape

Bitfinex Set to Launch $1 Billion IEO as $850 Million in Funds are Still Frozen

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Bitfinex Set to Launch $1 Billion IEO as $850 Million in Funds are Still Frozen
Next week Bitfinex is expected to issue an initial exchange offering (IEO) to gain $1billion through a token sale. It’s got transpired from the post made by Bitfinex shareholder Zhao Dong.
Bitfinex Set to Launch $1 Billion IEO as $850 Million in Funds are Still Frozen

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Source: CoinSpeaker

Bitfinex IEO Details Go Public as The Exchange Plans to Issue New 1 Billion “LEO” tokens

Well if the last week of April was all about the Tether and Bitfinex controversies, the start of May has begun with another news coming from Bitfinex. It appears that that the exchange may be heading to and IEO at least as per the document shared by Zhao Dong, the founder of DGroup, on his Weibo account.
LEO tokens to be regularly destroyed in a monthly repurchase manner
Well, Zhao Dong, the man-in-charge of DGroup and a prominent shareholder in Bitfinex, is slowly becoming a messenger of critical news coming from the exchange’s corridor. Recently using his Weibo account, shared a document which perhaps is the IEO white paper of Bitfinex.
Source: Weibo
The whitepaper is quite insightful and states that Bitfinex will be launching its own exchange tokens, named LEO. Bitfinex’s participation in this IEO is divided into private placement (as of May 10, 2019) and public offering (after May 10, 2019). Private placements are only for those who receive the IEO white paper, and public offerings will only take place when private placements are insufficient and there is still a share of tokens remaining. According to certain media houses Zhao Dong has put forward that Bitfinex already raised $600 million in private but only verbal commitments.
Also Read: Bitfinex Vs. New York AG Case: $850 Million Lost? Here are the Facts and Updates
The white paper gets a little more interesting as it mentions that one of the major reasons for issuing the exchange tokens at this particular time is because the company’s $850 million funds are currently frozen in several accounts controlled by the payment processing company Crypto Capital. This could be linked to the April end controversy where the New York Attorney General (NYAG) sued Bitfinex and Tether for commingling funds to cover a loss of $850 million.
However, Bitfinex states in the white paper that it is “actively collaborating with the legal investigation and applying to unfreeze these funds through legal procedures.” And the company is “confident that it will retrieve these funds,” according to the white paper.
Based on this document, we can summarize the following main points (loosely translated from Mandarin):

IEO Release Background: At the end of 2018, iFinex & Bitfinex’s $850 million assets deposited with payment partner Global Trading Solution were frozen, and Bitfinex’s loan from Tether solved the problem of capital flow.
LEO token parameters: a total of 1 billion LEO tokens, with a token code of LEO, will be offered for global distribution
LEO economic model: LEO will regularly be destroyed in a monthly repurchase manner. Source of funds for repurchasing and destroying LEOs would be as quoted in the white paper that stated

“The frozen ($ at least) 95% of the frozen $850 million will be used to repurchase and destroy LEO. ·

LEO token usage scenarios: The paper states that LEO could have following use cases which include 1. Bitfinex transaction fee 2. Bitfinex lending fee 3. Bitfinex withdrawal and recharge fees, etc.

With Bitfinex own proprietary token, which could be on lines of BNB, will make this space more competitive. All eyes are now on May 10 when it would be clear of what actually is IEO once it is opened to the public.
Will Bitfinex succeed in its IEO and launching LEO tokens or are we heading to another Tether like a problem? Do let us know your views on the same.
The post Bitfinex IEO Details Go Public as The Exchange Plans to Issue New 1 Billion “LEO” tokens appeared first on Coingape.
Source: CoinGape

Bitfinex Likely to Issue Native Exchange Token Through IEO to Recover Frozen Funds

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Bitfinex Likely to Issue Native Exchange Token Through IEO to Recover Frozen Funds
After the latest seizure of funds by the NYAG office, Bitfinex is looking for ways to recover the funds. Conducting and IEO and issuing a native exchange token is one of the probable options.
Bitfinex Likely to Issue Native Exchange Token Through IEO to Recover Frozen Funds

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Source: CoinSpeaker

Binance Successfully Completes BNB Mainnet Swap

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Binance Successfully Completes BNB Mainnet Swap
Today, on April 23, Binance has announced that it has completed the Binance Coin (BNB) mainnet swap. Now deposits and withdrawals are open.
Binance Successfully Completes BNB Mainnet Swap

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Source: CoinSpeaker

Initial Exchange Offerings: 3 Upcoming Projects to Watch Right Now

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Initial Exchange Offerings: 3 Upcoming Projects to Watch Right Now
As IEOs are becoming more and more prevalent holding the potential of replacing ICOs as the most popular fundraising model, you might ask “which are the ones worth watching?”. Here’re three IEO projects you should keep an eye on right now.
Initial Exchange Offerings: 3 Upcoming Projects to Watch Right Now

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Source: CoinSpeaker