One of space’s titular digital currency exchange Bitfinex is expected to list its new exchange token called LEO. The decision to do so came reportedly after being able to raise at least $1 billion from the initial offering. Here is everything about it in a nutshell.
Launching The Exchange Token
According to an official announcement, the company revealed that the token will be listed on its platform. The token’s full name refers to UNUS SED LEO, which also happens to be the name of its formal issuer.
Bitfinex further revealed that the LEO will be tradeable against the world’s leading crypto Bitcoin. Apart from the latter, it will also go up against Ether, Tether Stablecoin, EOS, and the U.S. dollar. The first was first rumored to be bringing a token to the crypto space last month. The idea, according to official reports, was to simply make up for the $850 million shortfall in funds.
Paolo Adroino, the chief technology officer at Bitfinex, said that the company managed to close the $1 billion sales last week. He added that investments would range between $1 million and $100.
It is worth noting that it was not immediately made clear who really spearheaded the fundraising round. Later on, however, the crypto exchange claimed that it sold 100 percent of its tokens. As such, it was able to obtain $1 billion in USDT.
Celebrating a New Milestone
In an official post, Bitfinex said the new milestone for the company is thanks to the “overwhelming” support and “expedient execution” of the aforementioned sale. This also signals a greater wave in the entire Blockchain community, the post added.
The company further states that it will remain dedicated when it comes to the continuous growth and development of its core infrastructure. Not only are the people at the company excited, but they are also committed in bringing a token that is both “unprecedented and powerful.”
Bitfinex detailed in its white paper that it intends to buy back a chunk of percent of its very own circulating exchange tokens. This process is expected to take place on a monthly basis, and it will be based on the company’s monthly revenue. The same thing can be said for its goal to unlock the funds through its payment processor called Crypto Capital.
It should be noted that the New York Attorney General’s office first unveiled that the company lost access to its funds, which was held by the aforementioned payment processor. Taking place in April, the company gave out a variety of conflicting stories, thus further adding to the confusion.