Chinese trader Dong Zhao has shed new details on Bitfinex's rumoured upcoming token offering, saying the exchange now may be planning to raise up to $1 billion through an initial exchange offering, CoinDesk writes.
The tokens will be available only to “qualified foreign investors,” Zhao - a Bitfinex shareholder - said, with a minimum buy-in of $1 million.
The total token supply will equal 1 billion tokens, worth $1 each. According to Zhao, half of the supply has already been allocated for purchase. In order to take part in the offering, investors must make a soft commitment by the end of this week but they can retire it after reviewing the token’s white paper.
“The system works on a first-in, first-served basis,” Zhao said. “If the whole [1 billion is] fully allocated, we will not have to run the IEO to the retail channel, it will be like a private placement.”