After a long month of drama around the exchange, Bitfinex is scheduled to begin trading today and further complete its audit reports on the Unus Sed LEO smart contracts. With the drama unfolding on Bitfinex exchange, we look at the details of the upcoming LEO trading launch and the chain movement to happen this Wednesday.
Bitfinex Set to Launch Trading of LEO Tokens
Bitfinex is set to launch the trading of LEO tokens on the platform today. The announcement from the CTO of iFinex, Paolo Ardoino in a tweet confirmed that the exchange will be opening up trading of its token on the platform.
. @bitfinex is in the process of finalising the audit of Unus Sed $LEO smart contracts and related procedures on the different supported chains. Trading will be enabled tomorrow on Finex but moving on chain won't likely happen until Wed 🦁🦁🦁
— Paolo Ardoino (@paoloardoino) May 19, 2019
The LEO token is set to open trading on Bitfinex with the Bitcoin (BTC), Ethereum (ETH), Eos (EOS), Tether (USDT) and USD pairs available for trading. Investors will be able to place their orders on the exchange starting today but the movement to the chain will happen on Wednesday, May 22nd 2019.
The tweet further reads that the company is in its last stages on the audits of the Unus Sed LEO smart contracts for its platform. The LEO tokens will work as utility tokens on the platform allowing users to complete various transactions.
Polo Ardoino, CTO at Bitfinex exchange, tweets on the LEO token trading launch
Paolo further confirmed that the company is looking to issue the tokens on the Ethereum network and also on a Liquid blockchain, preferably the Blockstream Liquid network. The distribution of LEO tokens through a Liquid blockchain aims to increase the efficiency and reduce the time and cost of transactions across the blockchain.
The company completed the $1 billion LEO private sale in a couple of days selling its LEO token to big time investors who contributed a minimum of $1 million USD to the sale. Furthermore, Bitfinex completed the sale exchanging LEO tokens with USDT in BTC, USDT and USD. The official report from Bitfinex Medium blog writes,
“The overwhelming response and expedient execution of the token sale represents a new milestone for Bitfinex and the greater Blockchain community.”
However, sections of the cryptocurrency community remain skeptical on the private sale by Bitfinex given the short period of time taken to raise such a huge amount. The New York’s Attorney General’s (NYAG) office uncovered the Bitfinex and Tether saga raising doubts on the dealings of the exchange.
The exchange has moved quickly to cover its tracks after the news became public. The first action is raising the $1 billion USD initial exchange offering and further questioning the integrity of the NYAG’s office in reporting the Tether case.
The Bitfinex-Tether redemption saga is yet to win the hearts of a large part of the cryptocurrency community. The $850 million loss covered by Tether’s funds has already been raised through a private sale of the exchange’s token, LEO, which raised $1 billion USD. The report on the private sale is yet to be released to the public, and no information has been provided on the participants who bought into the financing round. However, the trading of LEO token is already taking off and it may well serve as a redemption story for the heavily condemned exchange in the near future.