Bitfinex Launches LEO’s Official White Paper With Specifications About The New Digital Asset

Bitfinex Launches LEO’s Official White Paper With Specifications About The New Digital Asset

Bitfinex has recently released the official white paper for its new digital asset called LEO. At the same time, it will also be releasing a new platform that aims at raising funds through Initial Exchange Offerings (IEOs). This comes after a controversy regarding Bitfinex and $700 million used from Tether’s (USDT) reserves.

Bitfinex Launches LEO White Paper

Bitfinex has just released its white paper for the LEO token that the company wants to launch to the market. This confirms recent reports that the firm was trying to gather $1 billion in order to be able to obtain liquidity and operate in the market in the next few months.

As per the white paper, the private sale will end on May 11 and there might not be a public sale after all. If the firm is not able to gather $1 billion during this private phase, the company could decide what to do with the remaining tokens.

In addition to it, Bitfinex is going to be launching the first IEO that will allow other different projects to raise funds. This is a tendency that can be seen in other crypto exchanges such as Binance or Huobi.

The paper reads as follows:

“Projects that successfully raise capital on this platform are subsequently listed on the two exchanges, as permitted by applicable law, and token sale participants receive their subscribed tokens in their exchange wallets. The first token sale is scheduled for June 2019.”

The LEO tokens will not be sold to US citizens and it will be used in order to gather funds to deal with the current situation that the exchange is experiencing. Meanwhile, the platform will try to recover $850 million in funds that are frozen in different countries.

Bitfinex will also be repurchasing the tokens that it will be launching to the market. Every single month they will be using 27% of their revenue in order to purchase these digital assets. The goal is to buy back all the tokens launched to the market.

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