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Bitfinex Raised $5 Million In Its First IEO For Ampleforth In A Mindboggling 11 Seconds

Initial Exchange Offering (IEO) is taking the fancy of investors and companies alike, and for a good reason. Ampleforth IEO conducted on Thursday by Bitfinex is another example of how effective the new way to sell coins initially can be.

Bitfinex managed to raise $5 million via Ampleforth’s IEO is an almost unbelievable 11 seconds. Yes, $5 million in 11 seconds, and it’s not a joke. The exchange made a press release which stated that the IEO started at 11:00 on 13th June and ended without even the clocking ticking a minute. The exchange raised over $4,900,000 in the 11 seconds, and about 10% of Ampleforth’s total supply, which is 5,000,000 AMPL.

Such an impactful success makes a strong point for IEOs over Initial Coin Offerings (ICOs). However, Ampleforth followed a model unique to other IEOs by considering their token as a synthetic commodity. What this essentially means that the number of Amples a trader holds is subject to adjustment as per price fluctuations, to meet and sustain the price target.

Evan Kuo, CEO at Ampleforth admitted that he was encouraged by the sale, and further added,

The success of this raise is a strong indicator of the market needing more diversified assets other than what currently exists.

In short-term, AMPL can be a good option for investors looking for diversification in their digital assets’ portfolio. But for those willing to hold on for longer, it can be a potent alternative to fiat currency, much like Bitcoin, but with added usability at the macro-economic level.

Ampleforth is backed by some of the most popular names in crypto investment, including Pantera Capital, Slow Ventures, Huobi Capital, FBG and Coinbase CEO and co-founder Brian Armstrong. Additionally, the project is advised by crypto pundits like Joey Krug (Augur), Paul Veradittakit (Pantera Capital), and renowned crypto scholar Dr. Niall Ferguson.

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Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.
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