Ambisafe to Cut Over 50% of Staff

According to CEO, actions of US regulators regarding ICO hit hard his company activities, which develops blockchain platform for conducting ICO
19 April 2019   321

Ambisafe, which is developing a blockchain platform for conducting ICO, as well as providing audit services for smart contracts and software development, reduced its staff from 120 to 50 at the end of last year. This is reported by the Coindesk.

Ambisafe CEO Andrii Zamovsky said that at the top of the ICO boom, the company's monthly revenues reached $ 500,000 a month. However, the actions of US regulators regarding ICO projects have made this type of fundraising much less attractive and revenues have decreased almost five times.

We see ourselves as the infrastructure provider for blockchain-based financial markets. We were hiring too fast. I would rather not take some of the projects that we took.

Andrii Zamovsky

CEO, Ambisafe 

Similar cuts were made to other ICO startups, including Hosho and BlockEx.

Fall in the market last year seriously affected many blockchain companies. So, Steemit, a popular social network on the blockchain, was forced to cut 70% of its staff, Nebulas startup laid off 60% of its employees, and Ethereum Startup Status - a quarter of the team.

Bitfinex's LEO Token Whitpaper to be Released

Public stage of tokensale may not be conducted if hardcap of $1B won't be reached during closed sale
08 May 2019   268

Bitfinex Cryptocurrency Exchange published the whitepaper LEO token, with which it intends to raise $ 1 billion during the initial exchange offering (IEO).

It is expected that this amount will allow to fill the previously formed deficit of $ 850 million - the site operator will redeem tokens monthly for an amount of 27% of the profits.

Private stage of tokensale ends on May 11. If the intended hardcap won't be reached by this time, Bitfinex may refuse the public part of the campaign.

If fewer than 1 billion USDt tokens are sold by private token sale, the Issuer may thereafter sell remaining tokens at times and in a manner it deems appropriate in its sole discretion, consistent with applicable law. 

LEO Whitepaper

The issuer of the LEO token is Unus Sed Leo Limited, the newly registered IEO-iFinex platform.

The document also says that iFinex, which will be launched in June, will actively participate in the development of the second-tier Lightning Network.

iFinex has joined with a number of other companies and individuals to help develop and finalize the support for digital assets on Lightning Network. Ideally, digital assets developed and introduced by iFinex, including the LEO token, will be among the first digital assets launched on the Lighting Network.

LEO Whitepaper

In addition, Bitfinex plans to create a “a licensed and regulated security tokens exchange”, launch a derivative product with security at USDT and leverage up to 100x, as well as the Dazaar Big Data Marketplace and Betfinex exchange rates.

Another project will be the modular set of tools, libraries and protocols μFinex, based on the principles of open source. It will be used in both exchange and derivative products.

It worth reminding that in late April, the Attorney General’s Office of New York reported receiving a court order against Bitfinex in connection with the alleged loss of the last $ 850 million and the concealment of this fact from market participants.

Representatives of the trading platform said that we are not talking about permanent loss. These funds are frozen in bank accounts of Panamanian processing Crypto Capital Corp., located in four countries.

To ensure liquidity, Bitfinex was forced to use Tether Limited's funds for a loan and, according to the AG’s Office, has already received $ 750 million from the company's reserves. This was considered by the department as a crime.

On May 7, the New York State Supreme Court upheld the injunction against the Bitfinex Bitcoin Exchange, which does not allow Tether Limited to use its reserves for Exchange lending and other investment activities.