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.
— 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.
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Bitcoin’s censorship resistance, freedom make it a game changer in the economic industry
Over the years, the global economic industry has witnessed significant changes. However, no change has been more significant or essential than the one introduced by the concept of virtual assets or Bitcoin. Today, Bitcoin and other virtual currencies are almost as essential as fiat money and despite the fact that digital assets have not reached worldwide adoption, the pace of growth has been substantial.
In a recent panel discussion, Jedidiah Taylor, CEO and Founder of Decent.Bet, the smart contract-based sports betting platform, stated that the idea of Bitcoin and blockchain technology projected a perspective of freedom and honesty which allowed individuals to have direct control over their own capital, without any oversight supervision from financial institutions.
The sentiment was followed by Nico De Jonghe, Founder and CEO of NDJ Investment Group, who added that the threat of decentralized assets loomed the largest over centralized institutions like banks, who were worried of the future prospects offered by Bitcoin and its impact on the long-term financial situation.
Tone Vays, a reputable analyst and Bitcoin proponent, opined and stated that Bitcoin’s biggest strength was the fact that it was completely “unconfiscatable” and that one’s BTC is completely safe if it is protected and secured with attention. The characteristic of censorship-resistant value transfer is also an absolute game-changer for Bitcoin, allowing it to competitively exist in the financial system.
The value of Bitcoin has often been criticized in the past, but its valuation has consistently proven its worth. In fact, Bitcoin has grown by more than 150 percent in 2019.
At press time, Bitcoin was priced at $11,371, with a market capitalization of over $202.18 billion. The staggering valuation of an asset that was unheard of 10 years ago, further underlines the potential of Bitcoin in the current market scenario and for the future economies.
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