Bitfinex discloses the white paper of its IEO

in #bitfinex5 years ago


Zhao Dong, the Chinese Bitcoin investor and shareholder of Bitfinex , has just published the white paper of its IEO (Initial Exchange Offering).

A token for private investors


The issue of the IEO would aim to cover the 850 million dollars of blocked funds in the company's accounts located in Poland, Portugal and the United States.

Called LEO, the Bitfinex token would be aimed at private investors.

However, the company has already agreed to allocate $ 600 million of this investment to private investors, who would be insiders in the cryptocurrency, whales and venture capital sectors.

https://twitter.com/lawmaster/status/1124556820209721344

 

Redeemable tokens


In addition to providing liquidity to the company, Bitfinex's LEO tokens will also be used to offer discounts on exchange fees, like BNB, Binance's native cryptocurrency .

Some LEO tokens will be redeemed by Bitfinex every month, at market prices.

In this regard, the company has committed to spend at least 27% of its profits to burn (burn) the tokens. This will probably make the burn rate much higher compared to that of BNB.

According to Zhao Dong, although the money seized can not be recovered, the company would still be able to redeem all the chips issued on the market in just 4 years, following profits made between 2017 and 2018.

What do you think of the publication of the Bitfinex IEO White Paper? Tell us your opinion in the comment section below.

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