Bitfinex's parent company iFinex has received $1 billion in hard and soft commitments for an Initial Exchange Offering, according to a report by CoinDesk, citing a WeChat post from a Bitfinex shareholder. According to Dong Zhao, an OTC trader in China who owns Bitfinex shares, there's "a high possibility Bitfinex will not conduct a public sale" for its tokens. Zhao told CoinDesk that the exchange has received $1 billion in both hard and soft commitments for LEO, the name of Bitfinex's exchange token. Soft commitments give investors the option of backing out of the deal.
This news comes after Bitfinex publicly released its white paper, detailing the inner workings of its LEO token and the token sale. Additionally, the white paper offered a glimpse at various projects Bitfinex is working on including Bitfinex Derivatives, exchange ecosystem EOSfinex, and iFinex IEO Platform.