New Bitfinex Whitepaper Reveals Plans for an IEO and a New Betfinex Betting Service
A new whitepaper recently published by the owners of Bitfinex has described plans to sell its new LEO utility token but also disclosed, as one of its new upcoming projects, a new betting exchange called Betfinex.
According to the whitepaper, the exchange will use the same technology the exchange firm currently uses to create what it implies will be the best performing betting exchange in the world. According to the whitepaper:
“Betfinex will use Bitfinex technology to build what may be the most secure, performant, cost-effective, and user-friendly and legally-compliant betting exchange in the world. It will combine state-of-the-art betting APIs with high-performance physical hardware to set new standards in betting exchange connectivity. Offering superior connectivity in tandem with industry-leading matching technology will, for the first time in online betting, provide customers with an experience comparable to that of a low latency FX exchange.”
Is Betfinex The Reason For The Upcoming IEO?
Not too long ago, a case was initiated by the New York Attorney General’s office against Bitfinex and Tether accusing the exchange of dipping into Tether’s reserves to fraudulently cover up a loss of about $850 million. Even though the case is still ongoing, unconfirmed reports about an Initial Exchange Offering (IEO) made the rounds through the crypto grapevine. Many believed that the IEO, if true, is the firm’s way of recovering its loss. This recently released whitepaper is, however, the first acknowledgment of the token sale.
Furthermore, the name of the coin “LEO” is a reference to the firm’s Latin motto “unus sed Leo” which directly translates to
“quality over quantity.”
The prevailing notion that the IEO will be initiated to recover funds might not entirely be true as some sources claim that it would, in fact, be used to fund other forthcoming projects, one of which is Betfinex. At this time, no one knows exactly how Betfinex will be presented and it is also unclear whether the LEO would be used as the official token on the betting exchange platform.
Other Bitfinex Projects
Betfinex is not the only project currently being worked on by Bitfinex. Some of the others include
· Eosfinex – an exchange venture which is built on the eos.io framework to be made available in June 2019.
· Dazaar – expected to launch sometime in the next few months, Dazaar is basically a decentralized, free, secure and open-source network marketplace that will let anyone send, and receive large sets of data.