The parent company of cryptocurrency exchange Bitfinex, iFinex has publicized its plans for an Initial Exchange Offering (IEO) . The firm shared some new details about its operations and what it plans to do with the proceeds from the sale.
The company which states in the official white paper published on its website that it has 25 developers working on its projects elaborates in detail on some additional ventures that the Bitfinex exchange owner is working on. With an employee count of 100 people as of the 1st of May, the firm is preparing a number of new projects.
Bitfinex Parent Financials
Despite its troubles, the firm has shared some head-spinning financial details. The firm’s KPI’s for 2017 and 2018 show that the company claims to have capitalized materially during the crypto boom over the past couple of years.
The firm took in over $750 million of revenues for both years, while its costs of operation were just over $20 million. The net profit for the past two years totals to $730 million with the firm paying out over $600 million in dividends.
Aside from Bitfinex, the company is working on several new products, most of which are planned for launch in June. Spread across the cryptocurrency sphere, the company claims to have made significant progress in beta testing and is preparing three major launches.
The Bitfinex Derivatives product will enable qualified persons who have a Bitfinex amount to hedge and trade using 1:100 leverage. Risk levels for each client will be individualized. The beta testing for the software is ongoing and the launch is expected next month.
Aside from launching a derivatives product, iFinex is also preparing an EOS-based exchange project build using the EOS.IO software. The venture is already in beta testing and is also expected to launch in June.
iFinex IEO Platform
In line with major industry trends, the parent company of Bitfinex is also working on the iFinex IEO platform. The product aims to secure access to qualified investors to new securities token sales. The company states that the product will only be available in jurisdictions where it is allowed. US clients won’t have access to the IOE platform.
With some other minor new projects such as a betting platform called Betfinex and a next generation marketplace called Dazaar, iFinex is aiming to find investors during some challenging times for the firm.
Crypto Capital Details
The US Department of Justice last week detailed that the company had to take in a loan from Tether. A move which is under investigation by US authorities, despite the company’s take that it informed the regulator about the planned move.
The white paper document on the iFinex IEO provides little new information on the matter and doesn’t mention the business arrangement . The parent company of Bitfinex asserts that it doesn’t know whether it will be able to recover the funds held by some government entities after the .
“BitFinex is actively working in various jurisdictions around the world to expedite the return of these funds, and is confident in the future success of these efforts, although there is no certainty that BitFinex will be able to recover these funds,” the company states in the document.
Be First to Comment