Bitfinex and OKEx to Cross-List Their IEOs and Stablecoins; a New Tweak in the Crypto World
- Initial exchange offerings (IEOs) are a new type of crowdfunding method in the crypto industry – which may be considered an improved version of initial coin offerings (ICOs).
- Crypto exchanges Bitfinex and OKEx have both launched their own respective IEOs in order to fund the development of various initiatives.
Initial Coin Offering (ICO) Bubble in 2017 Involved Numerous Scam Projects
Despite the world of crypto undergoing earthshaking development since its inception in 2008, the entire journey is almost similar to a rollercoaster ride. The first twist to the script was with the emergence of duplicates of Bitcoin, a phenomenon that gave birth to an era of smart contract platforms.
There was a little calm before the emergence of Initial Coin Offerings (ICOs) announced crypto to the larger mainstream world. ICOs springing up everywhere and without any clear regulator soon led to the infamous burst of the Bitcoin bubble in 2017 as well as a series of scam projects robbing investors off their cash.
However, it wasn't until after the US government and the US Securities and Exchange Commission (SEC) cracking the whip on the rogue cryptocurrency projects that sanity was finally restored. Today, crowdfunding in the crypto world follows a clear laid-down structure, and start-ups now rely on a new, more lucrative way of getting funded: Initial Exchange Offerings.
Of course, there have been a lot of changes in how things are done in the whole crypto industry today, unlike in the past. For one, the original requirement that new ICOs could only get listed on exchanges upon paying a listing fee has been done away with. Another new development is with exchanges working on how they can enhance their IEO business.
But, How Are These Exchanges Planning To Upscale Their IEOs?
With over 150 Initial Exchange Offerings either slated for a release later this year or already released, the IEO wave is sweeping ferociously. The success of the previous ones, including raising over $1 billion highlights how lucrative they are.
That’s why many exchanges, led by two giant names in the industry: Bitfinex and Okex, are already working round-the-clock to earn a competitive edge over their rivals. The two have already embarked on cross-listing their IEOs.
It is Okex that broke the news via a Tweet, saying that all “Unused LEO, Bitfinex’s native token, could be found on OKEx. The same has been reciprocated by Bitfinex, which listed the coins listed by OKEx as stablecoin while adding the IEO.
While OKEx didn’t mention the exact day when the unused LEO tokens would go live, Bitfinex were clearer in their tweet. They mentioned Thursday, June 13th, at exactly 10 am UTC as the time when both OKB and USDK would go live.
Binance Coin or BNB, another token from the massive exchange, Binance Exchange, is currently listed on their parent exchange alone. If a popular exchange decides to partner Binance and lists its BNB token, its price and volume will automatically shoot.
There’s What's Now Known As The “Stablecoin Galore”
IEOs, just like ICOs, are speculation-based. With the idea of stablecoins on Bitfinex, however, USDK stands to benefit, according to Dovey Wan.
He believes that though cross-listing is a win-win scenario, the biggest winner is USDK, OKEx’s stablecoin. At the moment, the market cap of popular stablecoins, especially USD-Circle and True-USD, has witnessed an enormous upsurge, thanks to Coinbase, Bittrex and several OTC desks.