Bitfinex Shareholder to Start Pre-Orders for IEO

It should be noted there's no official whitepaper for the token and the fact of IEO wasn't confirmed by the operator of trading platform
06 May 2019   559

The Chinese platform RenRenBit, which is an intermediary between cryptocurrency lenders and borrowers, has begun to accept preliminary applications for participation in the public stage of IEO of the Bitcoin exchange Bitfinex. RenRenBit is part of the DGroup company, which is owned by a major Bitfinex shareholder, Zhao Dong, CoinDesk reports.

Note that the operator of the trading platform iFinex Inc. has not yet published the official white paper for its token, and has not even confirmed the fact of IEO itself. Dong is the main source of information on tokensale for $ 1 billion and it was he who distributed the marketing documentation of the LEO token through Weibo, although some top managers from Bitfinex have already mentioned the coin on Twitter.

Retail investors who have undergone a KYC procedure can already commit to invest up to $ 1,000 in USDT equivalent at the IEO's public stage. However, according to the mentioned marketing documentation, if the tokens are sold out to accredited investors by May 10, the tokensale will end in a closed format. As of May 4, the exchange allegedly received a verbal commitment of $ 600 million.

It is worth adding that the fake white paper of Bitfinex token has already appeared on the web, whose authors use the uncertainty around the alleged campaign and the lack of official statements to mislead gullible users. The official white paper has not been released.

CoinMarketCap, a popular analytical resource, meanwhile, excluded Bitfinex quotes from calculations of the average value of digital assets, since they significantly exceed those of other trading platforms.

Earlier, New York State Attorney General Letitia James asked the state Supreme Court to uphold the order for Bitfinex, which does not allow her to renew the credit line from Tether Limited. She warned the court about the high risks for users of the platform and USDT holders.

However, a week ago, Tether Limited's chief lawyer Stuart Hogner stressed that there are no risks for users, although steylcoin is secured only by 74%.

So, Bitfinex could already receive about $ 750 million from the USDT issuer's reserves to ensure liquidity after the fiat funds of the exchange's operator were blocked in the accounts of the Panamanian processing Crypto Capital Corp. in Poland, Portugal, the UK and the USA.

Algorand to Raise $60M in 4 Hour Tokensale

The project was founded by a MIT professor and a Turing Award winner Silvio Micali and is designed to solve the problems of scalability and consensus in the DLT
20 June 2019   2187

The blockchain-project Algorand, aimed at creating an “borderless economy ”, announced the successful completion of the  ALGO tokensale, during which it raised over $ 60 million, CoinDesk reports.

The campaign was held on the CoinList platform and was conducted in the format of the so-called “Dutch auction”, in which the highest price is first announced, after which it gradually decreases.

Simultaneously with the completion of the tokensale, it was announced the launch of the main network of the Algorand. The platform processes 1000 transactions per second with a delay time of less than 5 seconds, which, as noted, puts it on par with such major payment networks as Visa and Mastercard.

In his work entitled The Monetary Experiment: Algorand A Thesis For Algo Currency Markets, the head of Arrington XRP Capital, Michael Arrington writes that Algorand is a project where macroeconomics meets cryptocurrencies. He also notes that Algorand, as a blockchain-resistant Proc-of-Stake algorithm, is distinguished by a combination of advanced cryptography and a smart economic model.

The Algorand project was founded by a professor at the Massachusetts Institute of Technology and a Turing Award winner Silvio Micali. The main task of Algorand is to solve the problems of scalability and consensus in the blockchain.

As noted, the exact number of buyers who participated in the auction remains unknown, but because of high demand, the campaign lasted less than four hours. In total, 25 million ALGO tokens were distributed with a starting price of $ 10 and a closing price of $ 2.40.

Representatives of the project also stated that since tokens are distributed to customers' wallets and are not available on stock exchanges, there is no need to talk about any value of Algorand market capitalization.

Algos are being dispersed to wallet right now (for successful bids).  Therefore – there are non on exchanges. [Therefore, no market capitalization is available for Algorand, though some have speculated it sits around $6 billion.] Which is still a top 10.
 

Algorand Team

Earlier, the project announced plans to auction 600 million ALGO tokens per year, and in the first five years it is planned to release 10 billion tokens.

Also note that over the last year, Algorand raised $ 66 million in venture capital from investors such as Union Square Ventures and Pillar Venture Capital.