Bitfinex Raised $1 Billion in the Sale of LEO Cryptocurrency

The technical director of Bitfinex Paolo Ardoino said that the company managed to attract investments in the amount of $1 billion during the private sale of LEO tokens.

Ardoino reported on Twitter that private companies had invested $100 million each, and individual investors invested $1 million each. The sale of LEO coins lasted 10 days as part of the initial exchange offering (IEO). Tokens could be bought for dollars or USDT stablecoins at the rate of 1 LEO = 1 USDT.

According to Paolo Ardoino, investors are confident in the Bitfinex reliability, despite the charges of concealing losses. The New York City Prosecutor’s Office claims that the exchange used traders’ money and borrowed funds to cover the costs associated with blocking an account in the Crypto Capital payment system. According to representatives of the operator, $850 million owned by Bitfinex, were frozen by order of the government of Portugal, Poland, and the United States.

On May 8, Bitfinex published a description of LEO cryptocurrency. According to the document, the coins are utility tokens that can be used on Bitfinex and other trading platforms owned by iFinex. LEO holders will have the following benefits:

  • Taker fees (order creation at the market price) will be reduced by 15% over all crypto-to-crypto pairs;
  • The processing fee for issuing a loan at Bitfinex Lending will be reduced to 5%;
  • LEO holders will receive up to a 25% crypto withdrawal and deposit fee discount;
  • Taker fees will be reduced by 0.01 bps for every 10,000 USDT in LEO tokens held (on average) in the trader’s account during the previous month (calculated using every day in the month);
  • Future iFinex trading platforms, products, and services expect to make similar fee reductions and/or other features and benefits available to LEO token holders.

iFinex decided to follow the lead of the Binance exchange. The company and its subsidiaries will spend 27% of gross revenue per month to purchase LEO tokens. The company plans to burn coins until it destroys the entire cryptocurrency in circulation.

We want to remind you:

Bitfinex Exchange Plans to Hold the First $1 billion IEO

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