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Bitfinex delays K.im token sale (again)

Sahana Kiran

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Source: Pixabay

The cryptocurrency industry welcomed several mainstream entities into its ecosystem, this year. German entrepreneur and creator of Megaupload, Kim Dotcom was one of them. Almost a month ago he went on to reveal his crypto content monetization platform, K.im. The project was also bolstered by Bitfinex as the exchange announced that K.im would be the first token sale on the platform.

K.im was originally scheduled to go live by 21 October, however, Bitfinex revealed that the project has been delayed for the second time further delaying its rescheduled date of 6 November. The official blog post cited that the regulatory climate is the reason behind the delay. The blog post further read,

“The risks associated with raising funds for the K.im token sale have become clear, and we must put our community’s best interest first and foremost.”

Furthermore, the exchange asserted that it would be putting a pause on the Bitfinex Token Sale. The K.im team has reportedly supported the decision of Bitfinex on the same. The post went on to elaborate on K.im’s prospects during the delay. The post read,

“K.im will defer any decision on whether to create tokens on, or undertake a token issue in relation to the K.im platform until it is fully functional.”

Previously during the beginning of October, the exchange stated that the token sale would be delayed following the project’s motive to acquire a larger user base.

Bitfinex concluded the post by adding that the K.im project would continue and hinted that equity-based offer to investors would be made in the future.

Sahana is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector across geographies.

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Adoption

UAE notes surging crypto demand as country deliberates regulations

Namrata Shukla

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2019 has seen large-scale blockchain adoption. With China trying to beat the world to its central bank-backed digital currency, the United Arab Emirates [UAE] too, has begun drafting regulations. According to reports, UAE has been preparing for a rapid expansion in light of increasing demand for cryptocurrencies.

According to Google trends, the terms with an increased volume include, Bitcoin and cryptocurrency, along with other cryptos. However, apart from the search hike during the 2017-18 bull run, the trends for Bitcoin and cryptocurrency were at a rise in the UAE in 2019.

Source: Google Trends

Source: Google Trends

The search volume for Bitcoin remained quite high in the sub-regions of Umm Al Quwain, Ajman, and Ras al Khaimah. While ‘cryptocurrency’ search trends were high in Dubai, Abu Dhabi, and Fujairah.

Apart from the rising trend, the country has seen crypto transactions worth over $210 million, making it one of the top countries reporting digital asset transactions. At Dubai’s International Financial Centre the country registered 100 fintech firms, a three-fold growth since 2018.

In early 2019, two UAE startups raised almost $210.5 million in token sales, accounting for almost a quarter of the total capital amassed globally according to CoinSchedule in April.

Source: The National

Source: The National

According to reports, the increased trading has lured many institutional investors and may expand in Dubai mainly due to extensive inflows of institutional investors.

UAE had previously announced its Securities and Commodities Authority [SCA] had sought the opinion of financial industry partners for finalizing the draft. For which it invited various investors, brokers, financial analysts, researchers, media and other interested parties to review the draft.

SCA had also announced to introduce Initial Coin Offering [ICO] by the end of the first quarter, while it was working on the ICO token trading platform.

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Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.