Ampleforth (AMPL) Token Gains Listing on Bitfinex After Raising $5 Million in 11 Seconds via IEO
After raising $5 million USD in 11 seconds through an initial exchange offering on Bitfinex, Ampleforth (AMPL) tokens will now be available for trading in the secondary market.
The token is expected to launch on the Bitfinex exchange and its sister company Ethfinex, barely two weeks after the IEO. The listing allows traders to make buy and sell orders on the token starting June 27th 2019.
“Ampleforth is a Smart Commodity Money that incorporates price directly into supply. When supply needs to increase, it doesn’t go to any special group — it goes to everyone universally.” – Ampleforth official website
The IEO raised on Bitfinex only represented a 10% share of the total AMPL tokens in circulation, with a further $100,000 USD worth of AMPL tokens, pronounced Amples, offered out of the constrained demand of the AMPL token.
The huge demand of the token is expected to increase the liquidity of the exchange and raise more capital for the firm following recent positive developments on the project.
AMPL listed on Bitfinex exchange (AMPL/USDT pair) Source: TradingView
Speaking on the recent listing of AMPL tokens, the CEO of Bitfinex, Jean-Louis van der Velde showed his excitement at the listing of AMPL. He further praised the Ampleforth development team of its efforts in “transforming the face of finance by setting new standards in stability for digital commodities.” He further said,
“Ampleforth and Ethfinex both share a vision, paving the path in becoming an integral part of a robust decentralized economy of the future. Ethfinex will transition towards becoming the trustless exchange of the people.”
While the blockchain is still in development, at full capacity, the platform collects exchange rate data form decentralized trustless oracles across the network.
The platform then proportionally increases or decreases depending on the volatility of the chosen assets exchange rate and propagates it to AMPL holders. This will also affect the token’s market capitalization and make the coin less susceptible to the price fluctuation of the asset class chosen.
The founder and chief executive of Ampleforth, Evan Kuo, is equally excited on AMPL’s listing on Bitfinex stating the firm’s goals in creating and developing a “macroeconomic friendly asset that’s suitable for use as reserve collateral, in traditional and decentralized markets as well.”
The top official at Ampleforth further spoke on the long term vision of the company and the market reception levels saying,
“We are grateful for the tremendous amount of interest in Ampleforth. We anticipate that Ampleforth will have a successful launch because every institution, portfolio manager, and trader recognizes the need to decrease their risk exposure by diversifying with uncorrelated assets.”
Since the release of the Ampleforth whitepaper, there has been continuing debates on whether AMPL is a stable coin. The company defines the token as a non-correlate price stable digital asset with certain sections of the crypto community questioning the move to call it “stable” given it fluctuates.