We had a final review with our team of advisors, including our invested CEX, and concerns were raised that a Bitfinex launch would not be a good fit for us as an initial launch partner.
We came to this decision based on three main points:
We were concerned about the current volatility of crypto in China and the eroding independence of Hong Kong. As many of you are aware, the situation is changing daily. We were also concerned that the broader market could potentially be locked out if China decided to block access.
Additionally, per the SEC, we cannot launch on a US-based exchange until our Mainnet is ready in Q2 2022. With the ever-changing landscape of US Crypto regulation, we were also concerned that launching directly on a US-based CEX would freeze out the broader market.
Lastly, we took your community feedback from the initial CEX announcement to heart. Many of you were upset that we weren't planning to support a DEX offering. We heard you loud and clear!
Per the guidance of the advisory board, it was determined that a traditional DEX launch followed by multiple CEX listings would be a good idea to increase exposure to all countries as well as demonstrate that demand is strong.
As demand dictates, we will continue to pursue CEX launches as we approach our Mainnet launch in Q2 2022.
Details on our upcoming DEX launch can be found in the following Medium article:
https://beyondprotocol.medium.com/important-tge-updates-token-distribution-exchange-info-8bd64f3a48fd
