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One of the largest exchanges by volume for trading bitcoin (BTC) against the U.S. dollar, Bitfinex, has revealed the whitepaper of its Initial Exchange Offering (IEO).

The so-called LEO token, which is a utility token at the heart of the iFinex ecosystem, will be issued by Unus Sed Leo Limited, a British Virgin Islands company limited by shares.

Initially, LEO will be offered only to private investors. The tokensale will end on May 11.

"If fewer than 1 billion USDt tokensare 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," notes the whitepaper.

The exchange also announced that from June 2019, qualified Bitfinex account holders will be able to trade anew hedging product through a derivatives wallet.

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