The Cryptocurrency Exchange Bitfinex has officially published its brand new white paper this week, with a particular focus on a future Initial Exchange Offering (IEO) worth a total of $1 billion.
So what kind of tokens will Bitfinex be using in this Exchange Offering? They are known as LEO, and will be supplied and issued by Unus Sed Leo Limited, which is a company operating out of the British Virgin Islands.
According to the team and its white paper, these LEO tokens will be initially offered to its range of private investors first of all, which is pretty much in conjunction with prior reports regarding its offering.
The underlying objective of Bitfinex is to successfully raise a total of $1 billion dollars in Tether, the Virtual Stablecoin (USDT). This sale will officially end on the 11th of May, and if there are any remaining LEO tokens after the private sale, these may be made available to the general public. While this is not fully substantiated and may not be made immediately available.
Bitfinex's White Paper goes on to state the following – “If fewer than 1 billion USDT tokens are sold by private token sale, the issuer may thereafter sell remaining tokens at times and in a manner it deems appropriate in its sole discretion, consistent with applicable law.”
The company went on to divulge information on a range of future projects that are expected to land in June of this year – Some of these include Bitfinex Derivatives, a dedicated exchange ecosystem called EOSFinex and an Initial Exchange Offering platform called iFinex.