Bitfinex Confirms Token Sale Plans, Aims to Raise 1 Billion USDT

More precisely, the sale is being conducted conducted by “a special subsidiary” of iFinex (the operator of Bitfinex and Ethfinex). LEO tokens will be …

The exchange, which has come under the scrutiny of the New York Attorney General’s office for allegedly losing access to $850 million that was held by payments processor Crypto Capital, aims to sell 1 billion LEO tokens. More precisely, the sale is being conducted by “a special subsidiary” of iFinex (the operator of Bitfinex and Ethfinex). LEO tokens are priced at 1 USDT apiece.

LEO is described as a utility token to be used on the trading platforms operated by the company. The token will grant its holders reduced fees on these platforms and possibly other benefits as well. In this regard, LEO appears to be similar to other exchange-issued tokens such as BNB and KCS.

Buybacks and token burns

Each month, iFinex and its affiliates plan to spend at least 27% of iFinex’s consolidated gross revenues to buy back LEO tokens from the open market. However, the LEO tokens that are spent by users for paying trading fees can also be counted towards this commitment.

Furthermore, the whitepaper states that up to 95% funds recovered from Crypto Capital will be used to buy and subsequently burn LEO tokens within 18 months of the funds being recovered. Up to 80% of the funds recovered from the 2016 Bitfinex hack will also be used in the same manner.

LEO tokens are currently being sold in a private token sale that will conclude on May 11 (Saturday). If less than 1 billion tokens are sold in this sale, the company plans to sell the remaining tokens, but doesn’t disclose any additional details.

Interestingly enough, the whitepaper also reveals that iFinex is planning to launch a platform for IEOs, with the first token sale being scheduled for June 2019.

Related Posts:

  • No Related Posts

Trend of Tokenization Series: Bitfinex’s whitepaper sheds light on IEO of LEO token

Bitfinex’s IEO of $LEO has long been a talk of the town, on the back of this, speculations of the pre-order getting oversubscribed were mounted in the …

Bitfinex’s IEO of $LEO has long been a talk of the town, on the back of this, speculations of the pre-order getting oversubscribed were mounted in the recent past. Here comes the authentic news that the exchange has finally released an official whitepaper, wherein, IEO of LEO token plan’s ‘what about and whereabouts’ have been divulged. LEO token happens to be a utility token.

iFinex, which is the parent company of Bitfinex crypto exchange released Bitfinex’s $LEO whitepaper very recently. The company intended to raise $1 Billion, 1 billion LEO tokens likely to be issued via Unus Sed Leo, a company based in the British Virgin Islands.

The report reads that; up to 1 billion tokens will be issued by the Issuer. The Tokens will be sold in a private offering outside of the United States without the means of general solicitation or general advertising. Any Tokens that remain issued may be sold in the manner and times determined by the Issuer in its sole discretion.

Nevertheless, the company began by noting the restrictions to the U.S persons and the US jurisdiction. It added that tokens will not be offered or sold in the united states or to the US persons and other prohibited persons.

Currency Strength Index: FxWirePro’s hourly BTC spot index is inching towards 116 levels (which is highly bullish), USD is at 22 (bullish) while articulating (at 12:24 GMT).

For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex

Related Posts:

  • No Related Posts

GeoCoin Hits Market Capitalization of $2.00 Million (GEO)

One GeoCoin token can currently be bought for approximately $0.63 or 0.00010907 BTC on exchanges including Cryptopia and Bittrex. Here is how …

GeoCoin logoGeoCoin (CURRENCY:GEO) traded 3% higher against the U.S. dollar during the 1 day period ending at 16:00 PM E.T. on May 6th. GeoCoin has a total market cap of $2.00 million and $1,332.00 worth of GeoCoin was traded on exchanges in the last day. During the last seven days, GeoCoin has traded 11.5% higher against the U.S. dollar. One GeoCoin token can currently be bought for approximately $0.63 or 0.00010907 BTC on exchanges including Cryptopia and Bittrex.

Here is how related cryptocurrencies have performed during the last day:

  • Litecoin (LTC) traded 1.2% lower against the dollar and now trades at $75.59 or 0.01311952 BTC.
  • Cosmos (ATOM) traded 3.1% lower against the dollar and now trades at $4.74 or 0.00082268 BTC.
  • Dogecoin (DOGE) traded down 3.4% against the dollar and now trades at $0.0026 or 0.00000044 BTC.
  • Verge (XVG) traded 4.1% higher against the dollar and now trades at $0.0073 or 0.00000127 BTC.
  • Vulcano [OLD] (VULC) traded flat against the dollar and now trades at $0.0127 or 0.00000180 BTC.
  • Bytom (BTM) traded up 0.3% against the dollar and now trades at $0.0994 or 0.00001725 BTC.
  • NEXT (NET) traded up 3.9% against the dollar and now trades at $0.91 or 0.00015776 BTC.
  • Polymath (POLY) traded up 3.1% against the dollar and now trades at $0.0849 or 0.00001474 BTC.
  • Syscoin (SYS) traded up 5.1% against the dollar and now trades at $0.0624 or 0.00001082 BTC.
  • Linkey (LKY) traded down 3.3% against the dollar and now trades at $0.56 or 0.00009799 BTC.

GeoCoin Token Profile

GeoCoin (CRYPTO:GEO) is a token. Its launch date was August 18th, 2013. GeoCoin’s total supply is 4,000,000 tokens and its circulating supply is 3,180,551 tokens. GeoCoin’s official website is geocoin.cash. GeoCoin’s official Twitter account is @geo_coin and its Facebook page is accessible here.

GeoCoin Token Trading

GeoCoin can be purchased on the following cryptocurrency exchanges: Cryptopia and Bittrex. It is usually not currently possible to buy alternative cryptocurrencies such as GeoCoin directly using US dollars. Investors seeking to acquire GeoCoin should first buy Bitcoin or Ethereum using an exchange that deals in US dollars such as Gemini, Changelly or Coinbase. Investors can then use their newly-acquired Bitcoin or Ethereum to buy GeoCoin using one of the aforementioned exchanges.

Receive News & Updates for GeoCoin Daily – Enter your email address below to receive a concise daily summary of the latest news and updates for GeoCoin and related cryptocurrencies with MarketBeat.com’s FREE CryptoBeat newsletter.

Related Posts:

  • No Related Posts

Bitfinex Shareholder Starts Pre-orders for Exchange Token’s Public Sales

Even though iFinex, the parent company of Bitfinex, has not published an official white paper for its exchange token offering, one of its shareholders …

Even though iFinex, the parent company of Bitfinex, has not published an official white paper for its exchange token offering, one of its shareholders has already kicked off pre-orders for the token sale.

On May 4, Renrenbit, a crypto-lending application founded by Bitfinex shareholder Dong Zhao, started taking in pre-orders from users who want to participate in the public phase of the exchange’s upcoming $1 billion token sale.

Zhao said Bitfinex is aiming to list the exchange token, dubbed LEO, for trading in about a week after the token offering completes, and that Bitfinex and iFinex will not hold any LEO tokens.

According to Renrenbit’s official Telegram channel, retail investors who have completed know-your-customer verification on the application are already committing each up to $1,000 worth of tether (USDT), the crypto stablecoin pegged to the U.S. dollar operated by Bitfinex’s affiliated company Tether.

Users with more than $1 million worth of USDT on Renrenbit, however, are considered accredited investors and will not have limitations on the maximum commitment for pre-orders.

Notably, it was Zhao who suggested Bitfinex to conduct an exchange token offering as a way to solve the issue of $850 million being frozen after a lawsuit from the New York Attorney General’s Office. The move also comes just a day after Zhao disclosed via his Weibo account a summarized draft white paper for Bitifnex’s offering of its LEO token, which is aimed to raise $1 billion via a private sale closing on May 10, after which a public sale will take place if it’s not yet fulfilled.

However, it’s not yet known at the moment when the public sale, if it happens, is scheduled to complete. Zhao declined to share how many pre-orders its platform has gathered since the effort began or how many tokens in total his platform will offer on behalf of its users.

Bitfinex image via Shutterstock

Related Posts:

  • No Related Posts

Bitfinex Marketing Document Reveals Plans To Raise Up To $1 Billion in IEO Token Sale

The parent company behind the cryptocurrency exchange Bitfinex and the stablecoin Tether, iFinex, is reportedly investigating a token sale. That is at …

The parent company behind the cryptocurrency exchange Bitfinex and the stablecoin Tether, iFinex, is reportedly investigating a token sale. That is at least if a document recently shared on Twitter is to be believed.

Bitfinex’s planned LEO token is seemingly going to be a utility token

Specifically, the known shareholder and over-the-counter trader Zhao Dong tweeted an iFinex marketing document supposedly detailing how a Bitfinex token sale might look. Moreover, Bitfinex’s initial exchange offering (IEO) will reportedly see the exchange engage in raising up to $1 billion.

The document reveals that as much as one billion USDT worth of the exchange’s tokens, called LEO, will be available for purchase. Furthermore, the document – which clearly states that it is “not a white paper” – also details the nature of the LEO token.

Ledger Nano S - The secure hardware walletLedger Nano S - The secure hardware wallet

As such, it mentions that the LEO token will be a utility token tying together Bitfinex’s ecosystem. What’s more, the document also goes on to suggest that holders of the token will benefit from crypto to crypto trading fees on Bitfinex and the company’s decentralized exchange EOSfinex.

In addition to this, there is a veritable plethora of other advantages that are going to be offered by the token. For example, the token will offer decreased lending fee reduction, deposit and withdrawal fee discounts, as well as decreased derivatives fees.

The tokens will reportedly be bought back on a monthly basis

Nevertheless, the document also states that citizens of, for example, Canada and the United States will not be able to partake in the LEO token sale. In total, one billion tokens will be issued by Unus Sed Leo Limited, which is another company owned by iFinex.

“The tokens will be sold in a private offering without the means of general solicitation or general advertising. Any tokens that remain issued may be sold in the manner and times determined by the Issuer in its sole discretion.”

However, this token sale is reportedly not purely motivated by a need to fund the development and deployment of the LEO tokens.

Rather, the cryptocurrency news outlet The Block reports that the firm intends to use the funds to cover its $850 million currently frozen by the payment processing company Crypto Capital, in a rather bizarre story has previously been covered by Toshi Times.

This would not be too different from the BFX tokens issued by Bitfinex following a hack in August of 2017. Moreover, the document also indicates that iFinex and its affiliates intend to buy back the LEO tokens on a monthly basis.

Image Source: CoinDesk

Ledger Nano S - The secure hardware walletLedger Nano S - The secure hardware wallet

Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.

Related Posts:

  • No Related Posts