Bitfinex debuts initial exchange offering (IEO) with Tokinex

In its latest announcement, Bitfinex exchange has entered into the initial exchange offering (IEO) business. The newly launched service is referred to as Tokinex. Starting Thursday this week, the service will release its first token launch. There will be a second token launch slated for June 13. Jean Louis van der Velde, CEO of Bitfinex and Ethfinex said in a comment:

“What it means to be an exchange has evolved alongside the maturing crypto market. It has become an entire ecosystem, not just limited to the remit of trading digital assets.”

Bitfinex is not the first cryptocurrency exchange to offer this type of services. In fact, exchange platforms like Binance, OKCoin, and KuCoin already offer similar services to the industry. Until now raising funds using an IEO not been able to gain traction against initial coin offerings (ICOs) as there are fewer advantages to using the latter. However, customers are assured that a token issued through IEO will have proper know your customer (KYC) and anti-money laundering (AML) procedures. In addition to that, the exchange commits to publicize the token being issued to a pool of customers.