Tuesday, October 15, 2019
News
NEWS HOME
»
PRN INDIA
Bitfinex Presents Unus Sed Leo Transparency Initiative
  SocialTwist Tell-a-Friend  
   

Launch of Burn Mechanism Will See iFinex Revenues Used To Buy Back Tokens

ROAD TOWN, British Virgin Islands, June 14, 2019 /PRNewswire/ -- Bitfinex is proud to announce the launch of the UNUS SED LEO Transparency Initiative, built around a real-time token burn redemption mechanism.  

The UNUS SED LEO token was launched on May 22nd following a successful 1bn USD raise, in a unique dual protocol launch which saw the token distributed to contributors across both EOS and Ethereum.

Today, Bitfinex have commenced the UNUS SED LEO token burn mechanism as outlined in the whitepaper. This token burn mechanism will see iFinex and its affiliates buy back UNUS SED LEO from the market, at market rates and on a real-time basis, equal to a minimum of 27% of consolidated gross revenues of iFinex (exclusive of Ethfinex), until no more tokens are in commercial circulation. UNUS SED LEO tokens used to pay trading fees on Bitfinex may also be burned. Recovered net funds from Crypto Capital, and an amount equal to at least 80% of recovered net funds from the Bitfinex hack, will also be used to repurchase and burn outstanding UNUS SED LEO tokens. The burn mechanism will continue until 100% of tokens have been redeemed.

To complement the launch of the burn mechanism, Bitfinex also unveiled the 'LEO Transparency Dashboard', which provides real-time insights into all collected platform fees, and subsequent LEO burns, as verified by the blockchain.

The UNUS SED LEO Transparency Dashboard can be accessed at leo.bitfinex.com.

UNUS SED LEO tokens were distributed from the newly-formed subsidiary of iFinex, Unus Sed Leo Limited, as part of a private sale between May 7th and May 13th. The purchase price was 1 USDt for 1 UNUS SED LEO, with no discounts available. The circulating and total supply of UNUS SED LEO is 1,000,000,000.

About iFinex: iFinex started operations in 2012, initially operating under the Bitfinex brand, making it one of the longest-standing exchanges in the blockchain industry. Since then, iFinex, through its trading platforms, has become one of the most widely-recognized companies in the cryptocurrency sector, with a community of passionate entrepreneurs, idealists, and technologists that have together contributed to one of the best growth stories in our industry.

More News by PR Newswire India

ZTE launches industry-first 5G+VDSL2 hybrid home gateway

OYO's HR Team Saved 75% At-risk Employees Using inFeedo's Engagement bot, Amber

Ameyo Integrates With Freshworks to Simplify Customer Journey

Nuclear Days 2019 - French Nuclear Industry to Intensify its Operations in Indian Market

Happiest Minds Wins 2019 Red Herring Top 100 Asia Award

The Spielwarenmesse Reveals the Trends for 2020

Xinhua Silk Road: SAIC Motor gains momentum in India with 31,000 orders received by September

CreditVidya Wins the Prestigious 2019 Red Herring Top 100 Asia Award

GCW Global Customised Wealth Announces New Partner: Tim Babich

GTPL Hathway's Consolidated H1 FY20 PAT at ₹ 580 Million, up by 102%

'Where Will Man Take Us?' by Atul Jalan has been Certified a National Bestseller by Penguin Random House India

Tejas Networks Launches World's Largest Disaggregated Packet-optical Switch at India Mobile Congress 2019

Building on Local Momentum: Malaysia's Greater Petaling Joins City Cancer Challenge

Shanghai International Money Fair - one of China's largest financial fairs will be held in December

Europe's Most Trusted Crypto And Precious Metal Companies Partner To Create Gold Token Secured By Bitcoin Network

RGE Commits US$200 Million to Next-Generation Textile Fibre Innovation and Technology

Medisanté Earns Acclaim from Frost & Sullivan for Ensuring Better Care Outcomes while Reducing Costs

INSIDE INFORMATION: BW LPG Contemplated Sale of Shares

School House Crafts Multi-Sensory Journey of Discovery and Re-collection for La Mer Campaign Exhibition

Vevue Partners with CBX Exchange for Initial Auction Offering

Frost & Sullivan Recognizes Pepco Holdings and Carlsbad Municipal Water District with Excellence in Resourcefulness Awards at Itron Utility Week

His Holiness The Dalai Lama Awarded Honorary Doctorate by Chitkara University

Surplus Keslow Cinematography Gear Up For Auction

Libyan Investment Authority Loses Claim in the UK Court of Appeal - London

Artificial Intelligence for Risk Management Process by MovingNow

Maruti Suzuki Arena Devils Circuit Season 2019-20 Draws Over 6K Runners in Hyderabad

Quectel Achieves Industry's First 5G Data Call over 5G mmWave Module

Artprice by Artmarket: The Gagosian's Grand Projects for the Late Simon Hantaï (1922-2008)

Ryan International Group of Schools Receive India's Most Respected Brand Award 2019

JD Institute Of Fashion Technology, South Announced its New Domain

VeChain Is Leading Co-sponsor of GDST Seafood Trackathons

The World's Largest Automakers, Along with MOBI, Announce a Joint Proof of Concept for the First Vehicle Identity on Blockchain

Indiannica Learning Announces the Launch of Indiannica Quiz League

Third Annual Convocation Ceremony Will be Celebrated in Apex Professional University

An Encounter of Two Icons: Tic Tac® Meets Coca-Cola®

Birlasoft to Accelerate Invacare's Business Transformation Journey Signs US$ 240 mn, Multi-year Deal, to Provide Complete IT-as-a-Service (ITaaS)

Bali Zoo Celebrated Tumpek Kandang Ritual for all its Resident Faunas

Nitin Mantri Becomes ICCO President

DMCC Awarded 'Global Free Zone of the Year' for a Record Fifth Consecutive Year

Apex Professional University Signed MoU with Life Science Sector Skill Development Council

Find TVU Networks at Broadcast India 2019

UAE and UNESCO Renew Partnership, Extending Efforts to Restore Historic Churches in Mosul

Over 70,000 Visitors, SR2m Falcon Sales on First Day of Riyadh Exhibition

The First Huion Tablet of Inspiroy Dial Series, Q620M was Unveiled at Hong Kong Electronics Fair

ZEISS showcases next-level eye care digitalization at AAO 2019

On Your Marks: 2019 Xi'an Yango International Marathon Starts 20 October

Autodesk Fusion 360 Tools Enable Social Hardware to Advance Design of Prosthetics

Bionik Gold Knee- A New Lease of Life for Young Arthritis Patients

Joy Forum19 to boost Saudi entertainment sector

 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
INDIA WORLD ASIA
Punjab weapons drop may figure in Army C...
Karnataka: Section of porch near Hampi R...
Muslims can offer 'namaz' in any mosque ...
Centre should pay more to farmers for pr...
BJP releases manifesto for Maha polls, p...
Bhima Koregaon case: Sudha Bharadwaj, Ar...
More...    
 
 Top Stories
Ronaldo scores 700th career goal as... 
Portman's character may get breast ... 
Centre not keen on staff representa... 
Facebook raises questions over EU r... 
Twitter suspends pro-Trump meme cre... 
Emotional Azam reaches out to Rampu... 
We need to give new generation time... 
Equities close with strong gains, N...