OKEx to launch IEO platform

(source: Pixabay/Gerd Altmann)

Malta-based digital asset exchange OKEx will launch an initial exchange offering (IEO) platform, dubbed “OK Jumpstart”, aiming to incubate high-potential projects and support early entrepreneurs, the company announced in a press statement.

OKEx has been researching different token launch methods since the establishment of their OKNodes platform in July 2018. The company believes that the IEO model is an ideal method for kick-starting high-quality projects and early entrepreneurs.

OKEx says that their recently -announced compliant platform would allow its users to save the time and resources for getting listed on exchanges. The company adds that project teams will be able to focus on project development and community management more.

“We are happy to launch ‘OK Jumpstart’ as our own IEO platform. I believe the IEO model will bring considerable advantages to both the exchange and project developers, particularly start-ups can conduct their launching process more comfortable and more streamlined,” says Andy Cheung, Head of Operations at OKEx. “Given the demand for IEO growing so fast, 2019 will be the year of IEO, and we expect to see more innovative projects be hatched from this platform.”

OKEx has not yet clarified the date of launching the platform more than the “soonest possible”. The company promised to post further details about OK Jumpstart “shortly”.

OKEx earlier announced that it would be launching the British pound (GBP) and the Thai baht (THB) as two new currencies available for trade on its over-the-counter (OTC) platform, as reported by Business Malta.

An IEO is similar to an initial coin offering (ICO), as both allow selling tokens to finance early-stage projects. However, the critical difference is that in the case of an IEO, both the project developer and the investors facilitate their transactions through a third party — i.e. an exchange. Ideally, such an exchange should act as a guarantor and conducts a project with due diligence check on the project team. Having IEO to streamline the process, developers are no longer required to perform so-called know your customer (KYC) verifications.

OKEx is a digital asset exchange headquartered in Malta, offering digital assets trading services including token trading, futures trading, perpetual swap trading and index tracker to global traders with blockchain technology. Currently, the exchange provides over 400 tokens. The platform says it serves millions of customers from over 200 countries and regions.