Amples announced as first token offered on Bitfinex/Ethfinex IEO platform

After Bitfinex and Ethfinex announced their partnered creation of a new initial exchange offering (IEO) trading platform this week, Tokinex, the partnered exchanges are releasing the first token to be sold on the platform, Ampleforth. While the deal listing Amples is not exclusive, the token will debut on Tokinex before trading on Ethfinex and Bitfinex.

There are plans to eventually trade the token on other exchanges according to CEO and founder of Ampleforth, Evan Kuo, but Ethfinex and Tokinex were the right place to start due to their lack of listing fees. The deal was made primarily in conversation with Ethfinex and Tokinex, rather than the sister company Bitfinex.

“They do take a percentage of the funds raised as kind of like a transaction fee, but aside from that it was really a very friendly deal,” he said.

Ampleforth functions differently than other cryptos in that it uses price information to adjust the number of tokens a trader holds proportional to price, adjusting a holder’s supply to a price target over time. While they are targeted to be a less volatile crypto asset, they are not a stablecoin since user balances can fluctuate and the price/supply adjustment time is dependent.

Kuo said Ampleforth sought an IEO listing for reasons similar to companies that do an initial public offering (IPO) – because it gets the Ample into many random hands just before it trades. Tokinex presented the debut opportunity.

“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,” he said.

"We felt there was a natural fit between what we're working on and the Bitfinex and Ethfinex communities, which is the primary reason why we chose to work with them," said Kuo. Kuo added that Bitfinex's more sophisticated user-base made the platform a superior fit to rival IEO platform providers.