The survival in the crypto-market is not easy, and only the companies that show resilience can survive. As there is a lot of volatility in this market and fewer regulations; therefore, the companies can suffer from security breaches and scams. Any company that faces such scenarios effectively will survive in this setting for a longer time.
There are many examples of the companies recovered from huge losses and stabilized their position in the competitive market trends. The recovery of Binance from a security breach that cost loss of seven thousand bitcoins (7,000BTC) is a well-known example and now the BitFinex is following the footsteps of Binance in order to come out of the crisis.
Bitfinex is determined to introduce its new project Tokinex for raising funds by establishing Initial Coin Offerings (IEO). IEO is offering a wide number of exchanges and has a good reputation in the crypto-space.
Recently, Asian countries are showing a lot of interest in IEO. The research conducted by Inwara revealed that China and South Korea, which were sceptics of crypto adoption, are now showing positive sentiments. The interest is due to the IEO for providing validity of increased for large trading volumes.
The price of Binance (BNB) has increased to four hundred and sixty-six percent (466%) after this IEO project. BNB has done a tremendous job in advertising the IEO model and has made eighty-five million dollars ($85m).
This project aims to facilitate the crypto-market by reducing fluctuations, but on the other hand, the exchanges are reluctant to own the responsibility of their users’ investment, which is not a good sign. This is all the more reason; people should take any decision based on research.