Bitfinex Token Sale Platform is postponing the sale of Kimcoin due to regulatory reasons for an indefinite time, announced the exchange on Nov. 5.
Regretfully we inform our community that the https://t.co/HM04y6rmef token sale has been postponed indefinitely. Both teams have decided the regulatory risks are simply too great for all stakeholders. Please see our announcement for more details https://t.co/3oRaeWLnQ6
— Bitfinex (@bitfinex) November 5, 2019
“After careful evaluation, we regret to announce that Bitfinex Token Sales and the K.im team have mutually agreed not to hold the token sale at this time,” reads the official statement.
As such, the company has recognized risks with raising funds for the K.im token sale.
The token won’t be created until the platform is fully functional. The project itself, K.im platform meanwhile, will continue.
However, it does share the likeability of an equity-based offer that will be made available shortly to qualified investors.
According to the project’s roadmap, it has already raised $2.5 million in funding from Bitcoin Capital, BnkToTheFuture and others. The company has been planning to have the platform operational by Q3, 2020.
K.im is a crypto-rewards platform by Kim Dotcom that he said is a “significant player in the crypto-space.” Recently, in an interview, Dotcom said its “adoption rate many a bit slower” but will open cryptocurrency for “many more people and actual use case.”
The platform is not based on Bitcoin itself, but on its side chain because the company was looking for a technology that could eliminate the scalability issues with Bitcoin’s blockchain while providing high speed and real-time payments.