Appleby acted as BVI legal advisers to iFinex on the private token sale of LEO tokens, which commenced on 8 May 2019. iFinex's Chief Technology Officer, Paolo Ardoino, took to Twitter to announce that the sale had raised approximately USD 1 billion in 10 days. The sale of LEO tokens was made privately to select purchasers who met the qualifications set out in the purchase documentation.
iFinex began operations in 2012 and, among other cryptocurrency and cryptoasset-related products and services, operates Bitfinex, one of the world's largest virtual currency trading platforms. The LEO tokens were issued by a newly formed BVI subsidiary of iFinex, Unus Sed Leo Limited, and are intended to be utility tokens at the heart of the iFinex ecosystem.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.