As Bitfinex announced in a blog post, the Kimcoin token sale scheduled for Nov. 6, was indefinitely postponed. Reportedly both Bitfinex and the K.im team agreed not to hold the token sale at this time, blaming regulatory uncertainty and acting in the interest of the community. The IEO goal stood at $8M, with a $50,000 limit for each investor.
Kimcoin, a utility token of the content monetization platform K.im, will allegedly be used to purchase content and tip other users when (and whether) the platform goes live. Both the launch of the platform and token release are scheduled for Q3 2020, according to the K.im roadmap. K.im aims to provide users with services and technologies to manage, protect, and sell their digital content.
K.im was founded by Kim Dotcom, internet entrepreneur and founder of Megaupload, an online company providing file sharing and viewing services. Kim claims that at a certain time the company accounted for about 4% of worldwide internet traffic. Megaupload was shut down in 2012 by the U.S. Department of Justice for violating piracy laws.
Bitfinex claimed that the K.im project will move on despite the Kimcoin token sale postponement. They also added that K.im would probably make an “equity-based offer to qualifying investors who wish to become involved at this stage of the project” soon.
As COIN360 reported back in September, Bitfinex decided to reboot its IEO platform Tokinex and rebranded it Bitfinex Token Sales. At that same time, it was announced that the first project to be offered on the Bitfinex Token Sales platform would be Kimcoin.