BTC $41901.69 (-3.7%)
ETH $2906.12 (-5.4%)
USDT $1.00 (0.05%)
BCH $493.11 (-2.1%)
BSV $129.07 (-0.0%)
LTC $146.43 (-3.5%)
BNB $339.21 (-2.2%)
ADA $2.11 (-4.3%)
DOGE $0.20 (-2.2%)
BTC $41901.69 (-3.7%)
ETH $2906.12 (-5.4%)
USDT $1.00 (0.05%)
BCH $493.11 (-2.1%)
BSV $129.07 (-0.0%)
LTC $146.43 (-3.5%)
BNB $339.21 (-2.2%)
ADA $2.11 (-4.3%)
DOGE $0.20 (-2.2%)

Bitfinex’s Parent Firm Bets $1M in Security Token Exchange

Bitfinex, iFinex Inc., Dusk Security Token Exchange, Blockchain, ETF, Security Token

iFinex Inc., the parent company of cryptocurrency exchange Bitfinex, has recently invested more than $1 million into Dusk Network’s security token exchange project.

Based in Amsterdam, Dusk Network has laid out its goal of creating a regulated security token platform that will bring together new kinds of tokenized assets into the European market.

The proposed exchange intends to leverage innovative financial products and services like tokens, shares and bonds, commodities, exchange-traded funds (ETFs), and assets native to the network.

According to iFinex, Dusk Network is one of the first security token exchanges to merge with the previously-existing fintech industry once it launches.

Bitfinex CTO Paolo Ardoino remarked,

Dusk Network will bring the benefits of tokenization to the regulated market.

With many booming decentralized finance (DeFi) projects taking the fintech and cryptocurrency world by storm, Dusk Network believes it will become Amsterdam’s top financial hub and the world at large.

Jelle Pol, the business director at Dusk Network, also said that with iFinex’s involvement, they will be able to “add the experience and user base of one of the largest successful entities in the blockchain industry.”

Dusk Network was launched two years ago through the efforts of five entrepreneurs, initially creating the network’s privacy infrastructure. They were able to launch an initial exchange offering (IEO) and raise up to $8.1 million despite being “in the depths of the bear market”. The crowdfunding was launched at Tokinex, the IEO platform of Bitfinex. Since then, Dusk Network was able to establish rapport with the said exchange.

Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.