The token would be tradable with Bitcoin (BTC), Ethereum (ETH), US dollars (USD), USDt, and EOS

After raising US $ 1,000 million in its initial exchange offer, Bitfinex cryptocurrency exchange announced that Monday, May 20th, at 8:00 UTC, it start trading with its new exchange token, whose name is LEO.

According to what the business explains, UNUS SED LEO is a utility token designed to empower the Bitfinex community and provide utility for those seeking to maximize the capabilities of the Bitfinex trading platform.

The expectation grows since the token would be tradable with Bitcoin (BTC), Ethereum (ETH), US dollars (USD), Tether (USDt), and the cryptocurrency EOS. This positive response related to the token sale represents a new milestone for Bitfinex and the blockchain community.

But said piece of news comes with a great controversy about the strength of the exchange. It takes place a week after the company published, last Friday May 10th, its official whitepaper to explain the offer.

“In addition to our excitement around bringing such an unprecedented and powerful token to the heart of our community, the Bitfinex team remains dedicated to continuing to grow and develop core infrastructure for our industry as a whole. We remain invigorated and humbled by the support of our users, personnel, and beneficiaries, and welcome everyone to the era of UNUS SED LEO, says part of the official communication.

Rumors Become Reality

In this way, the rumors that a month ago emerged about the possibility of Bitfinex launching a sale of tokens are fulfilled. These considerations took place considering that Bitfinex needed to compensate a fall in its funds of US $ 850 million.

The company’s Chief Technology Officer, Paolo Ardoino, assured that Bitfinex could obtain excellent results during the first sales of its tokens. “Bitfinex is able to raise 1b USDt in 10 days, in a private sale. Private companies, giants in our industry and outside, made investments for 100m each. A legion of inside and outside users made investments for 1m each”, said Ardoino on his Twitter account, @paoloardoino.

Although no more details have been given so far and it is not known exactly where the investment of the first token sale comes from, Bitfinex indicated that 100% of its tokens were sold. According to Ardoino, the sale of US $ 1,000 million was conducted successfully, with investments between US $ 1 million and US $ 100 million.

On Bitfinex’s whitepaper, the company ensures that each month it will acquire a percentage of its new exchange tokens. The publication explains that the magnitude of the purchase will depend on the monthly income, and also it will depend on the Crypto Capital payment processor capability to unlock its funds permanently.

Bitfinex is a company which started operations in 2012. Initially, it was one of the longest-standing exchanges in the blockchain industry. Since then, it has become one of the most recognized crypto-companies.

“We’ve removed our equity requirements to open our platform to everyone. Visit Bitfinex today to get started. Join us on our mission to create the most innovative & industry-leading cryptocurrency exchange, which is one of the invitations the company makes to the crypto-community.

By María Rodríguez


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