Following its one billion Dollar crowdfunding operation, the popular cryptocurrencies exchange Bitfinex has now released LEO tokens. A utility token at the heart of the iFinex ecosystem that is going to be used within the Bitfinex exchange to pay and receive discounts on trading fees.
Thanks to the Eidoo established network of accredited investors, we were able to open this exclusive opportunity to a larger crowd. The LEO IOU Initial Exchange Offering launched on Eidoo enabled everyone to buy LEO tokens through the Bitfinex-backed IEO.
The four-day-long LEO IOU initial exchange offering closed successfully last Saturday, with a total of over 820,000 tokens issued to almost 200 Ethereum addresses (for more information check out Etherscan).
The LEO IOU tokens gave the unique opportunity for its owners to receive the actual LEO Tokens – each LEO IOU purchased on Eidoo equals to one LEO token.
We are thrilled to officially announce LEO tokens distribution happened today!
As a consequence of Bitfinex’s release of LEO tokens, these have been redistributed to Eidoo’s LEO IOU holders via an exclusive airdrop.
What’s next? We have activated the possibility of trading LEO tokens on the Eidoo app!
Thanks to the all-round blockchain experience provided, users can manage LEO tokens directly from the Eidoo app. LEO tokens are now available for trading – we have listed the token on our hybrid DEX on two different pairs, namely LEO-ETH and LEO-USDT.
How does the LEO token work?
On a monthly basis, iFinex and its affiliates will buy LEOs from the market for a minimum of 27% of gross revenues consolidated in the previous month. Repurchases will be made at market rates.
In addition to the above, an amount equal to at least 95% of the net funds recovered by Crypto Capital will be used to repurchase and burn the outstanding LEO tokens within 18 months from the date of recovery.
Furthermore, an amount equal to at least 80% of the net funds recovered by Bitfinex Hack will be used to repurchase and burn the LEO tokens in circulation within 18 months from the date of recovery.