Bitfinex has announced the launch of its new IEO platform: Bitfinex Token Sale.
The IEO (Initial Exchange Offering) projects are, in some ways, the successors of the ICOs (Initial Coin Offerings) that have dominated the crypto landscape over the past years.
Mostly thanks to the Binance Launchpad, the tool that Binance provides for the launch of IEOs, this phenomenon has become increasingly popular. However, interest seems to have declined recently, due to many factors including the “stagnation” of bitcoin (BTC) within the area ranging from $9,500 to $ 10,000.
A novelty within the new Bitfinex Token Sale is linked to the owners of the LEO token: higher allocations for those who hold Unus Sed Leo (LEO).
This refocusing was the result of a step backwards taken by Bitfinex itself, as explained by technical director Paolo Ardoino:
“Most IEO’s are marketing campaigns that focus on achieving a short-term result, but that’s not how real businesses are built […] 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 IEO’s 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 has already announced that the next project to be launched through an IEO on the Bitfinex Token Sale platform, will be called K.im and it is a platform for publishing and monetising content. The founder of the platform is Kim Dotcom, the German entrepreneur, founder and former owner of Megaupload, Baboom and Mega.
According to the roadmap on the website, the platform will be operational in the third quarter of 2020. The token will start with an initial value of $0.04, the minimum contribution for participation will be $20, while the maximum (for individuals) is $50,000.