Bitfinex releases white paper for $1 billion token sale

Cryptocurrency exchange Bitfinex has published the official white paper for its planned $1 billion initial exchange offering (IEO).

Bitfinex’s exchange tokens, called LEO, will be offered to private investors first, as per previous reports. Bitfinex hopes to raise as much as$1 billion in USDT. The sale will end on May 11 and may be opened to the public if there are any allocations left, although perhaps not immediately. According to the white paper, “If fewer than 1 billion USDT tokens are sold by private token sale, the issuer may thereafter sell remaining tokens at times and in a manner it deems appropriate in its sole discretion, consistent with applicable law.”

Bitfinex also described a number of new upcoming projects to launch this June: Bitfinex Derivatives, exchange ecosystem eosfinex, and iFinex IEO Platform.

The tokens will be issued by British Virgin Islands-company Unus Sed Leo Limited.