Bitfinex plans to raise 1 billion tether in its ICO

By Exe8422 | Criptonoticias | 7 May 2019


Less than a week after leaked information about Bitfinex plans to issue its own token, it was confirmed this week that the exchange house will indeed make an Initial Cryptoactive Offer (ICO).

The token is called LEO and the value of your unit is 1 USDT (Tether). According to data from an official document spread on Twitter by the CIO of Altana Digital Currency Fund, Alistair Milne, the company plans to raise a total of USD 1 billion (Tether) for the total sale of the tokens. In this way, rumors of last week that generated a stir in social networks were confirmed, given that both Bitfinex and Tether are involved in a controversial lawsuit with the New York authorities, for allegedly using the reserves that anchor the value of tether. to the dollar to mask Bitfinex losses.


All LEO owners will have discounts on commercial platforms in the name of Bitfinex, as well as in products and services of the company, the document said. Foreign exchange customers who own at least one of these tokens will receive a 15% reduction in the purchase rates of all the cryptocurrency pairs listed on the platform, including the stablecoin.

Merchants who own more than 5,000 USD in LEO will have a 10% discount in addition to the aforementioned, thus adding a 25% reduction in rates. The biggest discount will be obtained by those owners of more than 21 million USD in platform tokens, which will enjoy 0.025% tariffs on all their purchases.

The discounts will also be enabled for the lenders, who will be reduced 0.05% in their activities for every 10 thousand USD that they have in their account, being able to reach a maximum discount of 5%. Similarly, making deposits or withdrawals on the platform would be much cheaper, since users can enjoy discounts of 25% on these operations and withdraw up to two million dollars a month without additional fees.

Bitfinex customers will not be the only ones that will enjoy this type of benefits, since the EOSFinex platform will also contemplate the same rates in their services for all LEO owners.

The representatives of Bitfinex have not yet published the White Paper of the token, for which the technical and conceptual details of it are still unknown. The document highlights that the sale of this cryptocurrency will be through a private offer where residents of the United States and Canada can not participate due to the regulations of the territory. The date of the ICO has not been disclosed, nor do details appear on whether it will be made public by the company.

Featured image by Andrii Zastrozhnov /


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