Who can participate in Ethfinex tokens sales?
Both new and existing Ethfinex users.
How do I contribute to a token sale?
Token sales on Ethfinex are conducted via a random draw mechanism. User's signal their interest in the token sale, by entering the draw at least once. Ethfinex Superusers can enter more than once. At the end of the draw registration process, winners are picked at random and are given the opportunity (but there is no obligation) to contribute ETH from their Ethfinex exchange wallet.
The token sale process is split into five stages:
Token sale registration
- Enter the token sale draw between one and six times depending on the user's Superuser status.
- Agree to token sale terms and conditions.
KYC and AML data submit
- Download BlockPass app.
- Complete BlockPass user profile and obtain Passport Authentication and Sanction List certificates.
- Scan QR code on the Ethfinex token sale page and submit verified BlockPass details to Ethfinex for approval.
- The first round of winners are picked from all the entrants to the draw.
- Winning user signs purchase agreement from third party token issuer.
- User transfers ETH from their exchange wallet to Ethfinex.
- Ethfinex transfers user's KYC & AML data to the token issuer for approval/reject decision.
- Ethfinex either transfers the users's ETH to the token issuer in return for tokens, or refunds the user's ETH.
- User receives the tokens. To be unlocked at a future date.
Why is Ethfinex using a random draw mechanism for token sales?
We think that a random draw is one of the fairest ways to run a token sale, especially when compared to other mechanism's such as 'fastest finger first'
What are the KYC requirements to contribute to token sales on Ethfinex?
The KYC requirements to contribute on Ethfinex will depend on the individual terms and conditions of the sale and may vary on a case by case basis. Please check the individual requirements and exclusions on the individual token sale page on Ethfinex
All users have to download the third party BlockPass app, fill out their details and pass the BlockPass KYC verification. There is no charge for the BlockPass app or verification process.
BlockPass Apple app Download
Blockpass Android app Download
Once this has been done, the user can then scan the QR code on the individual token sale page to send their BlockPass KYC information to Ethfinex for approval for the individual token sale.
Why use BlockPass KYC?
The BlockPass app is a third party service (app) which allows a user to maintain a basic identity profile and pass certain KYC and AML checks. The advantage of using the BlockPass app for the user is that they can use their BlockPass profile to enter other token sales on any website or token sale platform that accepts the BlockPass service to verify identity.
Once a user has completed the BlockPass KYC checks once, it will be easy to enter future Ethfinex token sales by simply scanning the QR code on future token sale pages on Ethfinex.
The BlockPass service has been tailored to suit Ethfinex Token Sales and is much quicker than the full Ethfinex account verification (needed for banking and earning NEC tokens).
Once I have scanned the QR code and submitted by BlockPass KYC details to Ethfinex, how long will it take for my KYC status on the Ethfinex token sale page to change?
Ethfinex will be processing KYC applications throughout the token sale registration process. Your status should change within a few days of submitting your BlockPass data to Ethfinex.
Once the QR code has been scanned, and you have submitted your BlockPass details to Ethfinex, your status will change to the following holding status:
How long do I have to wait until I receive the tokens?
This varies according to the individual token sale.
Is there a fee associated with token sale contributions?
There are no fees for contributing to a token sale on Ethfinex.
How large a portion of the tokens are reserved for Ethfinex?
The percentage for Ethfinex varies on a case by case basis, and there may also be other personal contribution caps depending on the project.