Ethfinex is working in order to host token sales and Initial Coin Offerings (ICOs) on its platform. According to some reports, the company was able to develop a more equitable method that would allow investors to be more involved in ICOs.
The new service will allow all interested parties to participate in token sales and ICOs. According to an official press release, Ethfinex will be providing more details about the first sale in just a few days.
The blog post explains that Ethfinex was designed in order for investors to make more informed decisions. In order to achieve so, the company would be providing users with the necessary tools and information to be able to seamlessly navigate the crypto space.
In addition to this, the company will be carrying out some upgrades with the intention to improve users’ experience and ensure that the platform has the necessary functionality to support token sales. Users that will be able to participate in token sales will be selected using a ‘random draw mechanism.’
The company explains that users participating in token sales using the Ethfinex platform will have clear advantages in terms of security. Moreover, it would also minimize some technical barriers.
The random draw mechanism that will be implemented in the platform would allow participants of all backgrounds to invest in these token sales. By using the platform’s loyalty token known as Nectar (NEC) it will be possible for users to participate several times form the random draw mechanism. This would clearly improve the probability of being selected in specific token sales.
Users that will participate in ICOs will have to provide their know-your-customer (KYC) details. After it, the platform Ethfinex will be running the information using BlockPass. If the process is approved, users will have the possibility to participate in different token sales. BlockPass is a self-sovereign identity protocol that offers shared regulatory compliance services for individuals, companies, objects and devices.
Currently, the company is working so as to bring a small number of pre-vetted token sales to the Ethfinex community. However, there is a strict criteria for project selection. In this way, the token projects chosen to participate will receive visibility in Ethfinex’s and Bitfinex’s communities.