Bitfinex Token LEO: ‘Official Doc’ Shows Plans For Raising Up To $1bn.

In the latest cryptocurrency news, we are focusing on a new official document which shows a project known as Bitfinex token LEO, in which the exchange is planning to raise up to $1 billion. The information was originally shared in a tweet from Zhao Dong, who is a shareholder of the cryptocurrency exchange Bitfinex.

Bitfinex Official document about the LEO token pic.twitter.com/YR5FdS4iUY

— [email protected] (@zhaodong1982) May 4, 2019

Allegedly released by iFinex (which is the company behind Bitfinex and Tether), this document announces the availability of up to 1 billion USDT worth of the exchange’s tokens, which will be dubbed Bitfinex token LEO, for purchase. As described in the marketing document, the token is intended to become a utility token which will be positioned at the heart of the company’s ecosystem.

The marketing document – which clearly specifies that it is not a white paper – shows the Bitfinex token LEO as an upcoming project. As such, it was shared on many best cryptocurrency news sites for its promise that LEO token holders will enjoy the reduced crypto to crypto trading fees on Bitfinex and the decentralized exchange owned by the company, EOSfinex.

On top of that, this token will also grant decreased lending fee reduction, withdrawal and deposit fee discount as well as derivatives fee reduction. Featured in the latest altcoin news, this material also highlights that the sales of LEO will not be available for citizens of the United States and Canada, among other jurisdiction.

In the white paper which promotes the Bitfinex token LEO, the exchange states that it is “actively collaborating with the legal investigation and applying to unfreeze these funds through legal procedures.” Also, Bitfinex noted that it is “confident that it will retrieve these funds,” according to the marketing materials shared online.
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Currently, the token LEO and its sale is being conducted in order to cover $850 million of the funds owned by the exchange – which are currently frozen in multiple accounts under the control of a payment processing firm, according to The Block and its reports today.

There are rumors about the Bitfinex token LEO being started at the end of April. However, Zhao confirmed the rumors earlier this week with fewer details.