Bitfinex has announced the redemption of the first batch of their BFX tokens. A whopping 1.3152% has been redeemed so far, and all wallet balance holders should have been credited by now. While this is only a small step, it goes to show Bitfinex wants to keep its promise and reimburse users as soon as possible.
Bitfinex On The Road To Redemption
Repaying customers after they were forced to take a balance haircut weeks ago is not an easy task for Bitfinex. The company recouped a large portion of its stolen funds by reducing customer balances and reimbursing them with BFX tokens. These IOUs were issued on the OMNI layer and can be exchanged for a stake in the parent company.
For those token holders who are not looking to own a part of Ifinex anytime soon, they will be pleased to hear that Bitfinex is starting to redeem outstanding debts. While 1.3152% of all BFX tokens represents a minor portion, they did credit all user balances automatically and pro rata. It is important to keep in mind this action does not apply to margin positions, though.
For users who are wondering how this percentage was calculated there is a simple explanation. Bitfinex looked at their available reserves that exceeded the contingent liability threshold. While the team does not disclose specific details regarding numbers or how often this situation may occur, it is good to see them take action in a proactive manner.
The current plan involves reimbursing more tokens as soon as the reserves allow for it to happen. Qualified token holders are the top priority for Bitfinex, as they want to get rid of their outstanding debt as soon as possible. Keeping in mind how some users are using BnkToTheFutue to redeem BFX tokens for company equity soon, things seem to be going back to normal for the exchange.
For now Bitfinex continues to look at raising new capital through equity financing, as well as ways to increase operating profits. Further developments will be shared with the public in due time. BFX token holders may see another balance redemption before the end of the year, albeit that is impossible to predict right now.
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