Bitfinex And Okex to Cooperatively Promote their IEOs And Stablecoins

The cryptocurrency markets have seen a lot of changes since the inception of Bitcoin in 2008. Initially, duplicates of Bitcoin were created, then an era of smart contract platforms unleashed a whole new space for Initial Coin Offering. Numerous offerings were issued during late 2016 and 2017, which was part of the reason for the bubble formation in 2017.

However, the SEC in the US and other regulators over the world started to crack-down on the process to curb this dubious crowdfunding process. Nevertheless, start-ups have found a new way of raising money on the blockchain – Initial Exchange Offerings. Earlier, the new ICOs had to pay a listing fee to get listed on Exchanges. Now, they are released on specific Exchanges itself.

Also Read: SEC Vs. Kik: #DefendCrypto Campaign Raises $4 Million for the Most Iconic Crypto-Case

How Exchanges are Planning to Increase their IEO Business

More than 150 IEOs have released or due for release in 2019. The Exchanges have helped the teams raise to $1 billion through the IEOs. To further increase business, Exchanges like Bitfinex and Okex have started cross-listing their IEOs.

While Okex included LEO, (tweet)

UNUS SED LEO (LEO), the native @bitfinex token, is now listed on OKEx. Please take note of the go-live schedule: bit.ly/2X5dRLa

Bitfinex added the IEO and the stablecoin released by the sister firm of OKex as well. (tweet)

“OKB and USDK are making their way to Bitfinex! Trading for both assets will go live on Thursday, June 13th, at 10.00 AM UTC.”

Also Read: Will ICO Be Replaced By IEO? | How IEOs Are Revamping the Industry

Binance Coin [BNB] is also currently listed only on the Binance Exchange. Hence, if another popular Exchange decides to register BNB, the volume and price are expected to increase significantly.

Stablecoins Galore As Well

The ICOs are primarily driven by the initial speculative demand, which is similar to ICOs. Moreover, the inclusion of stablecoin on Bitfinex benefits USDK as Dovey Wan mentioned,

the cross-listing of $OKB and $LEO is trading favor between OK and BFX, but the actual winner is $USDK, the newly issued stablecoin by OK The only metric for fiat coin’s success is market cap IMO, not how “stable” it is. fiat coin is a proxy for fiat on-ramp, for trading utility

The market capitalization of Stablecoins like USD-Circle and True-USD have increased considerably with their presence of Exchanges like Coinbase, Bittrex, and other OTC desks as well.

Do you think that strict regulations must be imposed on Exchanges offering IEOs? Please share your views with us. 

Summary

Article Name

Bitfinex And Okex to Cooperatively Promote their IEOs And Stablecoins

Description

The cryptocurrency markets have seen a lot of changes since the inception of Bitcoin in 2008. Initially, duplicates of Bitcoin were created, then an era of smart contract platforms unleashed a whole new space for Initial Coin Offering. Numerous offerings were issued during late 2016 and 2017, which was part of the reason for the bubble formation in 2017. 

Author

Nivesh Rustgi

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CoinGape

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.