Ahead of the official update, debate on Bitfinex’s IEO of $LEO turned as a hot topic – nevertheless, reports also revealed that the pre-order saw oversubscribed. As an end to the hype, the exchange has finally released an official whitepaper of LEO token which seems to be a utility token.
Bitfinex LEO Whitepaper is Live
iFinex, the parent company of Bitfinex crypto exchange released Bitfinex’s $LEO whitepaper on May 05, 2019. It is aimed to raise $1 Billion and as such, it will issue 1 billion LEO tokens via Unus Sed Leo, a company based in the British Virgin Islands.
Per the whitepaper information, LEO token is a utility token which puts in public against USDT or Tether. During the token sale, participants can purchase 1 LEO by contributing 1 USDT to exchange’s pre-defined IEO sale. In $LEO’s detail whitepaper, the company states that issuer may also ‘accept other forms of consideration in its discretion. In addition, the peer-to-peer market of LEO: USDT will begin after the successful completion of the token sale. Moreover, it 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, at the very beginning of 18 pages of the whitepaper, the company noted the restrictions to the U.S persons and US jurisdiction. It added;
TOKENS WILL NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS AND OTHER PROHIBITED PERSONS
The whitepaper further reveals iFinex’s current project as well as upcoming plans- it adds Bitfinex, Ethfinex Trustless, and Nectar as the ongoing project whereas the future projects in the list are Bitfinex Derivatives, eosfinex, iFinex IEO Platform , A Licensed & Regulated Security Token Exchange, Dazaar, Betfinex, Digital Assets on Lightning Network and μFinex.
While the crypto community is familiar with the current projects of iFinex, the forthcoming project names are quite new which will bring new visions and services in the crypto landscape managed by iFinex.
The whitepaper further mentioned the hacking incident of Bitfinex exchange occurred during Aug 2016 which led the exchange to suffer from the loss of nearing 1,20,000 BTC. Adding that, it explains;
Bitfinex created a tradable Recovery Right Token (RRT) for BFX holders that converted BFX tokens into shares of iFinex.