Cryptocurrency exchange Bitfinex has announced the relaunch of its Initial Exchange Offering (IEO) platform Tokinex as Bitfinex Token Sales and will offer the token of P2P digital content and monetization blockchain K.IM on October 22.
The news was revealed in a press release shared with Cointelegraph on Sept. 24.
A Bitcoin-integrated token
Per the release, K.IM has raised $2.5 million in funding from BnkToTheFuture, Bitcoin Capital and Max Keiser. According to the project’s roadmap, the platform is expected to go live in Q3 2020 alongside a formal listing on Bitfinex.
Entrepreneur, digital rights activist and founder of now-defunct file-sharing website Megaupload, Kim Dotcom, commented on the development:
“Combining the internet with Bitcoin gives us a real chance of achieving the original promise of the internet; freedom of speech, commerce and finance. […] I founded K.im to allow artists, content creators and digital businesses to cut out all the middlemen and sell content and digital goods without censorship and outside of monopolies.”
According to Dotcom, the Bitcoin blockchain has been able to scale so far and can now support a slew of new possibilities.
“We can finally create our KIM token on top of Bitcoin thanks to recent technical breakthroughs like Lightning and Liquid. Bitfinex is the perfect partner to help us distribute KIM tokens, built on Bitcoin, to those who want to access the freedoms that our products provide,” Dotcom explained.
Bitfinex courts LEO holders
Bitfinex meanwhile notes that the renewed IEO platform will have “direct integrations with the Bitfinex exchange itself.” The company’s chief technology officer Paolo Ardoino commented on the current IEO landscape:
“Most IEO’s are marketing campaigns that focus on achieving a short-term result, but that’s not how real businesses are built. Successful businesses are built through long-term, sustainable growth.”
Bitfinex also announced that its native utility token, Unus Sed Leo (LEO), will be part of all future token sales and its holders will have access to higher allocations than those participating with other digital assets.
As Cointelegraph recently reported, United States-based cryptocurrency exchange Coinbase has also indicated it is considering the launch of an IEO platform.