BitFinex Tokens were issued by BitFinex as obligations by the exchange for the 36% haircut on customer account after the hack in August 2016. It is not fully clear what the rights are that are attached to the token and it has been suggested that there is a form of put and call option attached.
In this case the market cap figure is the total market capitalisation of the debt obligation tokens which was originally set at $72m.
40 million tokens have been exchanged for equity in Bitfinex
|Mkt.Cap||$ 31.99 M||Volume 24H||0.00000000 BFX|
|Market share||0.01%||Total Supply||32 M BFX|
|Proof type||Open||$ 1.00|
|Low||$ 1.00||High||$ 1.00|
Bitfinex's LEO token has a major liquidity problem
Cryptocurrency exchange Bitfinex has announced a transparency initiative that will see it put on full view the buying back and “burning” of its LEO exchange token. LEO tokens were issued by the Bitfinex exchange in an Initial Exchange Offering. The tokens are intended to be the utility token of the Bitfinex ecosystem. We're pleased to announce that Bitfinex has added margin trading for Tether Gold (XAU₮), a digital asset backed by physical gold.
What is short selling example?
UpStake (UPS) is a ERC20 token which through our internal exchange increases in value every hour from the 1st of June 2018 when launched. We achieve this growth through a unique model of burning a percentage of tokens when sold through the exchange.
He pointed out that LEO was an illiquid market, where $500,000 buy and sell orders have the potential to swing its price up and down by 25 percent. Buy orders as large as $3 million have previously doubled LEO’s price to $2.00. A $3 million sell order, on the other hand, had sent its price down to $0.93. Rated by CMC as the world's largest crypto asset exchange and top-rated for its altcoins support, Binance has gained massive trading volumes and excellent liquidity. Bitfinex is developing a new decentralized cryptocurrency exchange named EOSfinex which will be built on the EOS.io platform.
You are responsible for any trading and non-trading activity on your Bitfinex account, but Bitfinex must at all times retain the ability to protect Financing Providers by force-liquidating your account, as and when necessary. Bitfinex cannot guarantee to stop losses even with the ability to force-liquidate any of your positions (due to, for example, market volatility and liquidity).
Bitfinex aims to protect its customer’s funds by using advanced security techniques. It is highly recommended that users set 2FA protection for their account using Google Authenticator, U2F Security Key or Twilio. In doing so, you will be notified if an unauthorized login attempt has been made.
The top 3 tokens will become available for trading later in the week on Ethfinex and Bitfinex. We are excited to unveil Bitfinex Token Sales, a comprehensive digital assets offering and launch solution for high-quality crypto projects. Bitfinex is proud to provide trading on Chain Split Tokens (CSTs).
The IEO which is coming up on 13 June will be unavailable for users in the U.S and other restricted areas. 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.
The fees charged by Bitfinex are very nominal when compared to other cryptocurrency exchanges. Since its hacking attack, it has greatly improved the security of the platform by adding advanced security features. Coingape is the most trusted source of News, Insights, Reviews and Price Analysis on Bitcoin, ICO, Blockchain, Cryptocurrency. Bitfinex is holding its first token sale for Ampleforth (AMPL) on its new IEO platform Tokinex.
Facing accusations of bank fraud, Bitfinex‘s plan to hold an initial exchange offering (IEO) was supposed to alleviate the company from the financial burden it was facing. Paolo Ardoino, the CTO of Tether and Bitfinex, said that the company was able to raise $1 billion USDT in 10 days in a private sale of LEO. Launched earlier this year,LEO token was issued by iFinex Inc., Bitfinex and Tether‘s parent company based in the British Virgin Islands. The company used LEO to raise funds to cover the $850 million loss it encountered when the funds it sent to a Panamanian payment processor were seized by authorities.
A unique feature of Tokinex is that projects will only be charged for using the platform if the IEO is successfully completed. At last, crypto startups can conduct token sales without worrying about fees in the event that the sale does not succeed.
The IEO model of fundraising emerged in 2019 and sees exchange platformsÂ offering listing support and launch campaigns for new startup tokens. To date, Bitfinex has conducted token sales for projects Dusk, Ampleforth and Ultra, among others. As Cointelegraph reported at the time, Bitfinex unveiled its exchange utility token UNUS SED LEO on May 17. The token burn mechanism will see iFinex buy back UNUS SED LEO from the market equal to a minimum of 27% of consolidated revenues of iFinex.
For example, if a trader deposits $100.00 into her account on the Site, she may then purchase $100.00 worth of bitcoins in an unfinanced transaction. Despite the hack back in 2016, Bitfinex has managed to maintain high numbers for daily trading volume and liquidity.
Bitfinex Reduces P2P Lending Fees for UNUS SED LEO Token Holders
What is Ethfinex?
Ethfinex is the home of digital tokens trading & discussion, acting as a hybrid platform for institutions, developers and enthusiasts to trade and crowdsource information from across the Ethereum ecosystem.
If the market value of bitcoins rises, A may sell her bitcoins and repay the loan. For example, assume the value of A’s bitcoins rises to $115.00. Now the difference between the bitcoins’ value and the financing is $115.00 – $80.00, or $35.00. Taken as a percentage of the value of the bitcoins, $35.00 ∕ $115.00 equals approximately 30%.
- 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.
- Despite the hack back in 2016, Bitfinex has managed to maintain high numbers for daily trading volume and liquidity.
- To date, Bitfinex has conducted token sales for projects Dusk, Ampleforth and Ultra, among others.
- Also, note that the market on Ethfinex for EVT will close at UTC 14.00, exactly three hours prior to the close of the community token vote.
- Later, it started supporting a lot of cryptocurrencies, and thus eventually becamea forerunner within the cryptocurrency trading world– with high daily trading volumes and liquidity.
This is mainly thanks to its advanced trading tools and options, and the improved reputation among crypto enthusiasts. The only drawback of the exchange is its lengthy verification process to deposit fiat currencies. Bitfinex exchange allows its members to buy a large number of altcoins and cryptocurrency tokens. Users don’t have to submit any documents in order to trade cryptocurrency on Bitfinex. When creating an account, users simply need to provide and confirm their email address.
Ampleforth is a digital asset that works with trusted oracles to obtain accurate and fluid exchange-rate data. The protocol then transmits the data to AMPL holders in proportion to the amount each holder has to arrive at an end price that less correlated to Bitcoin or any other digital asset. AMPL like Bitcoin can be considered as an alternative to central-bank money, it may be used to diversify cryptocurrency portfolios and as reserve collateral in decentralized banks such as Maker DAO. Cryptocurrency exchange Bitfinex announced a LEO burn initiative in a Medium post published on June 14.
Bitfinex Exchange, is one of the world’s highly advanced cryptocurrency exchanges and has its headquarters located in Hong Kong. Originally, it was launched only as a P2P (Peer-to-Peer) exchange for Bitcoins. Later, it started supporting a lot of cryptocurrencies, and thus eventually becamea forerunner within the cryptocurrency trading world– with high daily trading volumes and liquidity.
However, the relevant KYC (Know Your Customer) identity documents (passport, driving license etc.) must be submitted in order to deposit or withdraw fiat currencies. Usually, it takes approximately 6 to 8 weeks to complete the verification process.
How do you close a position?
If you're unfamiliar with trading and exchanges, margin trading is when you borrow money from your broker to buy or sell more stock than you can afford. It's essentially a short-term loan. That's because Coinbase has launched the feature attempting to fit within the boundaries of the Commodity Exchange Act.
BitFinex Tokens characteristics
In an announcement Friday, the firm said as part of its token redemption process, the UNUS SED LEO Transparency Initiative will allow the public to see parent firm iFinex use its gross revenues to purchase circulating LEO tokens at market rates. These will then be destroyed, or burned, as the firm effectively pays back those who bought the exchange token in a$1 billionsale early last month.
Accordingly, A could remove part of her equity, but may not fall below her initial equity requirement. A could also sell the bitcoins on the Trading Order Book, repay the financing to B (plus any interest), and retain the balance on the transaction. The intense discussions led about the future of the token seem to have affected LEO’s price, which dropped from $1.99 in the second half of June to just $1.30 in the second half of July. However, LEO looks like it’s on its way to recovering at least some of its losses, as its price has been going upwards in the past couple of days. However, not everyone seemed to agree with him, with many saying that LEO’s very definition makes it hard to put it in the same basket as Bitcoin.
What happens if tether collapses?
But shorting is much riskier than buying stocks, or what's known as taking a long position. If the share price increases soon after you place a short position, you could quickly “cover” by buying back the shares and returning them to the investor you borrowed them from. If you're lucky, you might not lose very much.
Creating an account on Bitfinex is very simple and won’t take more than few minutes to finish setting it up. And in case a user forgets their password, it can easily be reset with the email address used when registering the account.
In an official announcement of the launch, Bitfinex said it will support new, innovative projects in the cryptocurrency industry. With its vast experience in the industry, the exchange said it has designed a platform that is expected to make project launch as seamless as possible.
ETH has been outperforming BTC this year in these important metrics
Please take this into account and adjust your EVT trading strategy accordingly. On Tuesday 24 July, the fifth community listing vote will close at UTC 17.00.
Partnering with Market Synergy, corporate accounts and professional traders can take advantage of the fastest trading speeds through institutional-grade connectivity and co-location services with direct access to our digital asset gateway. The amount of the financing, the term of the financing, and the interest rate are all commercial terms negotiated through the Financing Order Book between Financing Providers and Financing Recipients. For instance, assume that A has $20.00 (in dollars) in her account on the Site.
The exchange has added protection for the withdrawals by monitoring behavior patterns. In case the system finds anything abnormal, the withdrawal request will be processed only after a manual inspection. Additionally, the users can also create a whitelist of withdrawal addresses to prevent hackers from stealing funds from their accounts.