Ampleforth (AMPL) IEO To Launch On Bitfinex And Ethfinex’s Trading Platform, Tokinex
Ampleforth Announces It’s Going To Be The First Initial Exchange Offering On Bitfinex And Ethfinex
Ampleforth (AMPL) has recently announced that it will be the first Initial Exchange Offering (IEO) to be conducted on Bitfinex & Ethfinex’s token project launch platform called Tokinex. The information was released by the company in a recent press release.
Ampleforth To Be Launched On Bitfinex’s IEO Platform
The digital currency is going to be listed on both Ethfinex and Bitfinex before debuting on Tokinex. The intention is to also trade the digital currency on other exchanges. The CEO and founder of the platform Evan Kuo said that the deal was very friendly and that they do take a percentage of the funds raised.
It is worth mentioning that Ampleforth works in a different way compared to other digital assets. The virtual currency uses price information to adjust the number of tokens that a trader holds proportionally to price. As they explain, the price of the digital currency tends to be adjusted according to a holder’s supply.
Kuo explains that Ampleforth wanted to do an IEO listing because they would have a similar effect to the one that companies have when they do an Initial Public Offering (IPO).
The CEO of the crypto project explained:
“For us, it’s really exciting because as an input the asset itself requires a price exchange sheet and as a result, it can really only demonstrate its true value in connection with an exchange like this.”
The protocol uses exchange-rate information from oracles and it propagates to holders of Amples by proportionally increasing or decreasing the number of tokens that each of the individuals holds. This is according to the magnitude of the exchange rate fluctuations in a period of 24 hours.
According to the CEO of Bitfinex, Louis van der Velde, they believe that this digital currency is able to provide a unique volatility profile that is not correlated to other digital assets and virtual currencies. At the same time, this is going to be the first project listed on Tokinex.
The firm was funded by Brian Armstrong, True Ventures, Pantera Capital and also Slow Ventures.