Yesterday, this news made it to the social media platform- Twitter, where all the latest development in the crypto world can be tapped. Bitfinex announced the launch of its latest Initial Exchange Offering platform- ‘Tokinex’ on their official Twitter handle. The news was greeted with much excitement. The post received one hundred and six hearts, with forty re-tweets, with twenty-two comments.
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
Let’s get straight to the point. So when will the first token sale take place?
As per the official blog, the details of the first token sale at Tokinex will be announced on 23rd May 2019, i.e. tomorrow. The token sale will take place on 13th June, at 1300 HRS (GMT+1.)
What makes Tokinex different from other IEO?
The recently launched platform claims that it offers well chosen and thoroughly verified token sales to its users. The user’s comfort and ease are the main focus of this project. They ensure to offer a great experience based on weeding out common issues that cripple token sales.
Customer experience as a priority-
Further, only the qualified users are allowed to participate in the token sales. In addition, there is a requirement for the participant to furnish the ‘Know Your Customer’ (KYC) process before getting to participate in every token sale. Such thorough checking allows the company to offer a rich and fully secure experience to the user. The user can furnish their KYC with the help of a mobile app called- Blockpass, and they can also use the app to give their funds from their crypto wallet.
How does it benefit the user?
First of all, the user gets to enjoy a clear sale experience on “equitable terms.” Also, the fact that Tokinex uses a thorough KYC process before every sale, this ensures strong customer security when it comes to user identity, customer data, and other sensitive information.
Usually, a customer is charged a certain amount of fee for such projects. But at Tokinex, the users are only charged when the sale is successful. Further, as per the company’s blog, those projects that manage to stir up capital on the platform, they are offered with “dual exchange listing.” What is the benefit of this? Well, this would mean that the token then gets to participate in the biggest pools of crypto liquidity.
Ways to participate in the token sale-
Stay alert, as the first token sale will be announced tomorrow (23rd May, 2019.) At this stage, on the very same day, the users who are eligible to participate will get a chance to initiate the “verification process.” This will be accomplished with the help of an app called- “BlockPass.”
Who can’t participate?
People from the U.S. and other restricted countries are not eligible to take part in the token sale.
Regarding the launch of the Initial Exchange Offering platform- Tokinex, the founder of Ethfinex- Will Harborne said that the Initial Exchange Offering project was into the making process for several months. This developmental time included things such as-
“incorporating feedback, testing and learning to reach a quality level users have come to expect at Bitfinex and Ethfinex.” Further, he added that the platform had been mindfully tailored while keeping “user experience” as the priority.
He further explained the features of the project when he added-
…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.