Altcoin News: Bitfinex Has Published a White Paper of LEO Tokens and Announced the Launch of the IEO

May 8, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

This Wednesday Bitfinex Cryptocurrency Exchange officially presented the white paper of LEO tokens, by selling which it intends to raise $1 billion.

The information on the Bitfinex website confirms the information about the company’s plan to eliminate the $850 million deficit using a token sale.

According to white paper, the private part of sales will end on May 11th — before it was said about May 10th. In addition, if the goal of raising funds cannot be achieved, the public part of the Bitfinex campaign can be abandoned.

“If less than 1 billion USDT is sold during the private token sale, the issuer can continue to sell them in such a way and at such times as it deems appropriate at its own discretion in accordance with applicable laws,” the document says.

The issuer of the LEO token will be Unus Sed Leo Limited, registered iFinex recently.

In June, the launch of its own IEO-platform iFinex, through which pre-approved projects will be able to attract funding and list their tokens on the Bitfinex and Ethfinex exchanges.

In addition, Bitfinex will launch a “licensed and regulated security tokens exchange” combining the capabilities of the “existing stock market with the distributed registry technology ecosystem”. Access to the platform will not be granted to users from the United States and other jurisdictions where applicable restrictions apply.

The exchange also plans to launch a derivative product, “which will be secured in USDT (inaccessible to other market participants), with leverage up to 100x”, and the next-generation Dazaar data generation marketplace, which will allow anyone who wants to distribute and receive large-scale information packets in a decentralized network.

The Betfinex project “will use Bitfinex technology to create the safest and most economical betting exchange in the world.” In addition, iFinex promises to take an active part in the process of transferring digital assets to the Lightning Network.

“Ideally, digital assets developed and presented by iFinex, including the LEO token, should be among the first digital assets launched on the Lighting Network,” the company writes.

The last project mentioned in the white paper is μFinex, a modular set of tools, libraries, and protocols based entirely on open source principles. According to the company’s plan, the peer-to-peer ecosystem will initially be used in exchange, and then in derivative products.

“The project is the final form and goal of the iFinex ecosystem,” adds the exchange.

Earlier, Bitfinex said that the actions of the prosecutor’s office in New York do more harm than good.

Author: Marko Vidrih