Ampleforth raises $5 million in IEO

Ampleforth, the first token to be offered on Ethfinex and Bitfinex’s IEO platform Tokinex, reached $5 million in 11 seconds during its initial exchange offering, according to a news release. Jean Louis van Der Velde, CEO of Bitfinex and Ethfinex called the demand for the sale “incredibly high.”

The token will be distributed to holders within a few days. Following the distribution, Bitfinex and Ethfinex will share a listing time to trade Amples on their exchanges. Ampleforth CEO Evan Kuo said in a statement that he was encouraged by the raise.

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“The success of this raise is a strong indicator of the market needing more diversified assets other than what currently exists,” he said.

Indeed, Amples follows a different model compared to other IEOs. The company refers to the token as a synthetic commodity. As the price of Amples fluctuates, the number of Amples a trader holds is adjusted to meet the price target, stabilizing the asset. Ten percent of Ample supply was dedicated to the Tokinex sale.

About Author

Aislinn Keely is a reporter on The Block's policy team holding down the legal beat. She covers court decisions, bankruptcies, regulatory actions and other key moments in the legal sphere, putting them in context for the wider crypto industry. Before The Block, she lent her voice to the NPR affiliate WFUV and helmed Fordham University's student newspaper. Send tips or thoughts on all things policy and legal to [email protected] or follow her on Twitter for updates @AislinnKeely.

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