Bitfinex, a cryptographic asset exchange that is rampant about the tether problem, announced that it will actually perform the initial rumored exchange token initial exchange offering (IEO).
Tokens sold by IEO are named ” LEO “, and they can be used as ” exchange utility tokens ” to discount commissions for trading various products on Bitfinex and for deposit and withdrawal of assets.
In general, IEO usually sells tokens for an external project using its exchange token as the payment currency, but this time it sells exchange tokens for “1LEO = 1USDT”.
BitFinex has released a white paper with the LEO token sale.
LEO’s supply amount is 1 billion sheets (equivalent to 1 billion USD), and it seems that the aim of Bitfinex is to sell most of them at the private sale that will be implemented until May 11. It is noteworthy that white papers are not targeted for sale in the United States .
Tokens that are oversold may be resold at the discretion of the LEO issuer and iFinex parent company, Bitfinex.
IFinex also buys back LEO with its own earnings and funds recovered from the Crypto Capital and Bitfinex hacking incidents.
Does Bitfinex, which attracts attention on the tether problem, plans to issue exchange token?
Article Source: LEO White Paper
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Author: Yuya 【Coin Desk News】 – Source Post: https://crypto-times.jp/bitfinex-leo/
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