Bitfinex Plans To Employ 27% Tokinex Revenue To Burn LEO Tokens

by | Jul 9, 2019 | Cryptocurrency, Cryptocurrency Exchanges, Cryptocurrency News

Bitfinex | Leo | cryptocurrency Exchange | Tokinex

Bitfinex cryptocurrency exchange, who is planning to burn its native LEO tokens, announces that it will spend 27% of past and future Tokinex revenue on burning those LEO tokens, as per an official blog post on July 8.

Bitfinex first introduced LEO in May as a native utility token for its initial exchange offering (IEO) platform Tokinex. iFinex, the parent company committed to burning LEO tokens, until commercial circulation runs dry, in the LEO token whitepaper:

“On a monthly basis, iFinex and its affiliates will buy back LEO from the market equal to a minimum of 27% of the consolidated gross revenues of iFinex (exclusive of Ethfinex) from the previous month, until no tokens are in commercial circulation. Repurchases will be made at then-prevailing market rates. LEO tokens used to pay fees may also be used to satisfy this repurchase commitment.”

As per the recent blog post, the company stresses that the 27% figure applies to “past and future” revenues. Bitfinex adds that it has now used revenue generated by the first IEO on Tokinex, Ampleforth, to buy up outstanding LEO tokens.  Ampleforth’s IEO raised $5 million on the platform within 11 seconds, selling 10% of its token supply.

Bitfinex also announced in June, the “LEO Transparency Dashboard” that will purportedly show how much LEO has been burned, along with a list of the burn transactions.  As per the post, Tokinex’s next IEO is scheduled for July 16 and that it will run the IEO for Ultra, a blockchain-based PC gaming platform. 

 Bitfinex has previously assured it will repay $100 million of outstanding loan facility to stablecoin operator Tether. The repayment will be made months after New York Attorney General Letitia James filed an alleging that Bitfinex had lost $850 million and used funds from Tether to hide the losses.

Read more: Report Suggests Fortress Offers Mt. Gox To Buy Its Bitcoin Claims

Image Source – Bitfinex Medium

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