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Bitfinex relaunches IEO platform with retooled structure and tech

Aislinn Keely

Bitfinex has relaunched its token platform as "Bitfinex Token Sales," with an inaugural sale from monetization blockchain network K.im. This comes after the first iteration of the platform, Tokinex, was stalled when its primary funder Ethfinex split from sister company Bitfinex in a management buyout. 

The Bitfinex Token Sales platform will facilitate the primary issuance, development and launch of digital assets. Bitfinex CTO Paolo Ardoino said observing IEOs across platforms led the company to rework its approach and technology in the space. The project now has more of a long-term focus as opposed to the short-term results IEOs often target, according to Ardoino. 

The Token Sales platform filters out prohibited users, including those based in the U.S. Synaps filter out such users, and the platform also asks users to confirm they are not U.S. citizens. Those who confirm they are not can continue to utilize the service, according to Bitfinex.

The platform will launch with a token sale by K.im, a digital content sales platform started by Kim Dotcom, the founder of now-defunct filesharing site Megaupload. The timing of the K.IM token sale, however, has yet to be announced. The connected project, the K.im platform, goes live in Q3 2020, coinciding with the listing of KIM tokens. Kimcoin is not a security, according to Bitfinex, and its token sale is a crypto-to-crypto transaction, meeting necessary compliance standards.

The token enables micropayments on the coming K.im platform, K.IM, a P2P digital content and monetization blockchain network, and has already raised $2.5 million in funding from the likes of Bitcoin Capital and BnkToTheFuture among others.