Bitfinex Will List Its New Exchange Token Starting Monday

Bitfinex will list its LEO exchange token on Monday, trading against bitcoin, ether, EOS, tether and the U.S. dollar.

AccessTimeIconMay 17, 2019 at 4:08 p.m. UTC
Updated Sep 13, 2021 at 9:12 a.m. UTC

Crypto exchange Bitfinex will list its new exchange token, LEO, on Monday after purportedly raising $1 billion from the initial offering.

In an announcement Friday, Bitfinex said that the token – whose full name is apparently UNUS SED LEO, also the name of the token's formal issuer – will be listed on its platform and tradeable against bitcoin, the U.S. dollar, the tether stablecoin, ether and EOS. The company was first rumored to be considering a token sale last month, to make up for an $850 million shortfall in funds.

The exchange's chief technology officer, Paolo Ardoino, previously said that Bitfinex had closed the $1 billion sale last week, with investments apparently ranging from $1 million to $100 million.

It was not immediately clear who specifically had bought into this fundraising round, but on Friday, Bitfinex said that it had sold 100 percent of its tokens, in return for $1 billion in USDT.

"The overwhelming response and expedient execution of the token sale represents a new milestone for Bitfinex and the greater Blockchain community," the post said, adding:

"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."

The exchange has said in its white paper that it will buy back some percent of its circulating exchange tokens every month, based on its monthly revenue or potentially the unlocking of its funds by a payment processor, Crypto Capital.

The New York Attorney General's office first revealed that Bitfinex lost access to the funds held by Crypto Capital in April, though the exchange reportedly provided conflicting stories about why.

In recent court filings, Bitfinex said its funds were seized by authorities in the U.S., Poland and Portugal, but that it was working to regain access.

Bitfinex image via Shutterstock


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