Crypto exchange Bitfinex is helping bring the controversial fundraising method of initial coin offerings (ICO) back to life under a different guise through a new initial exchange offering (IEO) platform called Tokinex.
Tokinex, developed in collaboration with Bitfinex’s Ethereum-based sister company Ethfinex, will act as an IEO platform and will offer a number of “carefully curated, pre-vetted token sales” in a fashion similar to Binance’s Launchpad service.
“Learning from common points of friction in the space, the platform has undergone significant testing to ensure ease and reliability of user experience,” the company said in a blog post.
“Qualified users simply complete KYC for each sale using the Blockpass mobile app and then contribute their funds from their personal exchange wallet when the sale opens.”
Bitfinex claims that it won’t ask for any upfront listing fees, possibly in an effort to get more projects to sign up and use the platform.
“Unlike on other exchanges, qualifying projects are only charged a fee if their sale is successful, and projects that successfully raise capital on the platform are subsequently provided with a dual exchange listing, exposing the token to one of the largest pools of liquidity in crypto,” said Bitfinex.
Tokinex’s first sale will be announced on Thursday, May 23. Tokens issued on Tokinex will be listed on both Bitfinex and Ethfinex.