Initial Exchange Offering (IEO) is taking the fancy of investors and companies alike, and for a good reason. Ampleforth IEO conducted on Thursday by Bitfinex is another example of how effective the new way to sell coins initially can be.
Bitfinex managed to raise $5 million via Ampleforth’s IEO is an almost unbelievable 11 seconds. Yes, $5 million in 11 seconds, and it’s not a joke. The exchange made a press release which stated that the IEO started at 11:00 on 13th June and ended without even the clocking ticking a minute. The exchange raised over $4,900,000 in the 11 seconds, and about 10% of Ampleforth’s total supply, which is 5,000,000 AMPL.
Such an impactful success makes a strong point for IEOs over Initial Coin Offerings (ICOs). However, Ampleforth followed a model unique to other IEOs by considering their token as a synthetic commodity. What this essentially means that the number of Amples a trader holds is subject to adjustment as per price fluctuations, to meet and sustain the price target.