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  • iFinex to raise $1billion from the proceeds of its sales for an Initial Exchange Offering (IEO).
  • The company is working on different projects scheduled to be launched in June.

iFinex has shared some new details about its operation to raise $1billion from the proceeds of its sales for an Initial Exchange Offering (IEO). The company stated in its website that the Bitfinex exchange owner is working on some new ventures alongside 25 developers who are working on their projects with an employee count of 100 as of the 1st of May.

During the crypto boom, the company claims to have capitalized materially as shown by the company’s KPI’s in 2017 and 2018. The firm had a massive increase of $750 million in its revenue in the past two years with an expenditure of just $20 million with a net profit of $730 million and $600 million paid in dividends.

The company is working on different projects scheduled to be launched in June. iFinex has progressed in the field of Beta testing and is preparing three other significant projects. iFinex is also developing an EOS-based exchange project build using the EOS.IO software.

iFinex is also working on the iFinex IEO platform and it’s objective is to gain access to qualified investors to new securities token sales. A next-generation market place called Dazaar and a betting platform called Betfinix are other new minor projects of iFinex.

The company is under investigation by the US Department of justice as for the loan taken from Tether. The matter is yet not appropriately disclosed as there is less information regarding this matter.

The company stated:

“BitFinex is actively working in various jurisdictions around the world to expedite the return of these funds, and is confident in the future success of these efforts, although there is no certainty that BitFinex will be able to recover these funds.”