Today, the official Bitfinex marketing paper related to the LEO token sale and then the IEO that the exchange wants to do following the Tether scandal has been published on the Telegram BIG BIG News chat.
It is a 4 page PDF file that includes the summary of Bitfinex IEO guidelines. As explained, it is not the real whitepaper but a marketing document in which some details of the private sale are mentioned.
The private sale of the LEO utility token will be open to everyone except for US citizens. $ 1 billion in LEO tokens will be put on the market. The IEO price is 1 dollar for each LEO token.
Token holders will have 15% discounts on crypto trading on Bitfinex crypto. Furthermore, traders will be able to benefit from an additional 10% discount on fees if they hold more than $ 5,000 in LEO tokens on their account.
On a monthly basis, Bitfinex and its affiliates will buy LEOs from the market for a minimum of 27% of gross revenues consolidated in the previous month, until no more than 100 million LEO tokens remain.
Repurchases will be made at market rates. Even the LEO tokens used to pay the fees can be burned. 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 will be used to repurchase and burn the LEO tokens in circulation within 18 months from the date of recovery.
The IEO whitepaper, as always explained in BIG BIT News, will be published next week.