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Bitfinex’s LEO token to go live on Monday

Despite the unresolved issues with the New York Attorney General, Bitfinex is ready to list its recently launch token.

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Despite the unresolved issues with the New York Attorney General, Bitfinex is ready to list its recently launch token.

Despite the unresolved issues with the New York Attorney General, Bitfinex is ready to list its recently launch token. The news of the listing comes a few days after Bitfinex, a leading virtual currency exchange, said that they met their target of 1 billion US dollars by holding a private sale for its LEO token.

In an announcement, Bitfinex said:

“Today [May 17] we are pleased to announce that UNUS SED LEO, a utility token designed to empower the Bitfinex community and provide utility for those seeking to maximize the output and capabilities of the Bitfinex trading platform, will commence trading on Monday, May 20th, at 08:00 UTC. The token will be tradable against BTC, USD, USDT, EOS, and ETH.”

Previously, Bitfinex’s CTO said that those who invested in the LEO token invested between 1 million US dollars and 100 million US dollars. However, the list of investors was not released to confirm who did and who didn’t participate in the sale.

In the listing announcement, the exchange expressed its excitement on the new token listing. It also promised to keep developing essential infrastructure targeting the entire cryptocurrency industry.

According to the token’s white paper, Bitfinex plans to repurchase some of the LEO tokens every 30 days. However, how much it will buy back each month will be advised by how much revenue it will realize in that month. Additionally, unfreezing of its funds held by Crypto Capital will add to how much of the LEO tokens Bitfinex will repurchase in a month.

“We remain invigorated and humbled by the support of our users, personnel, and beneficiaries, and welcome everyone to the era of UNUS SED LEO…the Bitfinex team remains dedicated to continuing to grow and develop core infrastructure for our industry as a whole.”

The NYAG requires Bitfinex to explain the 850 million US dollars hole it has on its financial books. However, the exchange maintains that the funds were not lost but locked by foreign governments.

Jason Lee is a writer for various crypto publications and manages a small team on Medium. His love of technology and inquisitive nature set him up with crypto back in early 2016 and he hasn’t looked back since. In his spare time, Jason enjoys rock climbing and wakeboarding.

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