After the completion of the private sale, a token of LEO crypto currency exchange Bitfinex has increased by 70% and is currently trading at a price of about $1,72, while not showing a hint of slowdown. Its current market capitalization is around $1.7 billion.
According to reports submitted by Bitfinex in may, before a private sale, cryptocurrency exchange intends to attract $1 billion private sale of tokens LEO. Technical Director Bitfinex, Paolo Ardoino, at the time, wrote in social networks that the sale was conducted by private companies, each of which invested $100 million, the offer period was 10 days.
According to the official document issued by Bitfinex, LEO tokens will be used to lower fees and other discounts like the Bitfinex team and EthFinex. LEO will also be used for various payments and other functions, giving advantages to its owners in the implementation of trade operations at future platforms iFinex. What is most interesting, gradually Bitfinex plans to purchase their tokens and their burning. Provided that monthly, iFinex and its affiliates will buy tokens LEO on the market. It is planned to spend at least 27% of the total gross revenue iFinex excluding Ethfinex indicators for the previous month.
All redemptions will be made at the prevailing market rates. In addition to these funds, for redemption will be used 95% of the net funds recovered from Crypto Capital, and 80% of the recovered funds from Bitfinex hacking.
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Tags: Bitfinex LEO