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Ethfinex launches platform for token sales

On October 25, Ethfinex announced the launch of its platform for token sales – Ethfinex Token Sales. According to the announcement, the first token sale to take place on Ethfinex will be announced in the coming days.

The new Ethfinex Token Sales platform will allow users to participate in pre-vetted token sales for a small number of new projects. A limited number of users will be able to participate in each sale and they will be selected via a random draw mechanism, the announcement reads.

NEC holders will be have the opportunity to enter each draw more than once, improving their chances of winning a chance to purchase tokens.

According to the announcement, these token sales sales will either be exclusive to Ethfinex or available to Ethfinex users on favorable terms (or both).

“Allowing users to participate in token sales directly on the Ethfinex platform has some clear advantages in terms of security and also minimises the technical barriers that put-off many potential contributors. This makes token sales more accessible to everyone,”– writes Ethfinex.

Entries to token sales will be determined through a verifiably random draw mechanism. Should a user be selected as a winner and opt not to contribute their ETH to the token sale within 24 hours, a new user will be randomly selected to take their place. This process will repeat itself three times over three days (three 24 hour periods), or until there are a sufficient number of users selected to participate.

The announcement also reads that all users entering the draw must pass KYC checks via the BlockPass app by following instructions on the Ethfinex Token Sale portal and scanning a personal QR code. Completing a BlockPass profile means that users will be able to participate in future token sales on Ethfinex and other websites that utilise the BlockPass service.

Nectar (NEC) holders will be rewarded with Superuser status. There will be five levels of Superuser status, with each level being determined by the amount of NEC that a user holds. Superusers on Ethfinex will benefit from a number of rewards such as fee discounts, Priority access to new features, stronger voice in the decision making driving Ethfinex, and many others.

Token projects that are chosen to participate will gain visibility in front of Ethfinex’s and Bitfinex’s respective communities as well as an automatic listing on Ethfinex when the token unlocks.