LGO Exchange Whitepaper

Saturday, June 16, 2018
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Le olas E han e A DEMONSTRABLY FAIR, PREMIUM CENTRALIZED EXCHANGE USING DECENTRALIZED BLOCKCHAIN TECHNOLOGY B Noam Co hin, Yohan Guez, F édé i Ma tin, F édé i Monta non and Ouziel Slama Jul -Septem e

Ta le o Contents Ta le o Contents A st a t . Sho t alls o E istin E han es . La k o Se u it . . Bit oin e . . Weak Authenti ation . . No Deposit Se u it o Re ou se . La e Fiat T ansa tions A e La o ious . P i e Manipulation . . What is F ont Runnin ? . . C pto E han es and F ont Runnin . . No T anspa ent P i e Fo mation . La k o T anspa en . Laten P o lem . Le olas E han e s Solution . Se u it measu es .. e P oo Wallets and Featu es . . La e Fiat, C pto Deposits and Withd a als . Blo k hain Te hnolo on top o the Cent alized E han e . . F ont- unnin P oo . . T a ea ilit and Audita ilit . . Laten : A Le el Pla in Field o All Ma ket Pa ti ipants . Le olas Te hnolo . P oto ol . . Wo k o o e ie . . O e ie o Components . . Hi h ou hput . e E han e . . Use Inte a e . . Mat hin en ine . . Blo k hain . . REST and We so ket APIs . Full Sta k Tools and Fun tionalities . . Custom Repo ts

. . Po t olio Anal sis Tools . . ICO Pa ti ipation Fun tionalities . . Ta Do uments and Audit Lo . Le olas E han e Value P oposition . Cu ent E han e Lands ape . . Cent alized E han e . . De ent alized E han e . . Le olas E han e: A H id Model . . Compa ison o E han es . Le olas E han e’s Business Model . . LGO Token . . T ansa tion Fees . . Additional Pa in Anal ti al Fun tionalities . . LGO Dest u tion . . LGO Li uidit P o ide s Pool . LGO Token C eation . P e-sale In o mation . ICO Method . Round . LGO -Yea Holdin Bonus . Use o P o eeds E te nal De elopment Edu ation and Communit Suppo t Lo in Rese e . A out the Ventu e . Le olas E han e . . Compan . . Team F édé i Monta non CEO Julien Romanetto COO Ouziel Slama CTO Yaa o Aki a Slama P in ipal A hite t F édé i Ma tin Se u it A hite t A delmajid Oul aki Lead de elope Roei E ez Lead Mo ile De elope Yohan Guez P odu t O ne

Noam Co hin Ma ketin Mana e . Mako ANNEX . Finan ial Institutions A e Em a in C pto . Alte nati e In estment Is in Vo ue . C pto u en ies A e Outpe o min Majo s Assets Fa . A Nea -un o elated Asset . A G o in Demand o C pto Assets Re e en es

A st a t e pto ommunit has een pla ued opa ue and unp in ipled e han es. Imp o in and st en thenin these undamental links ithin the ommunit must e ont and ente . With pto u en ies eme in as a le itimate asset lass, nan ial institutions a e o kin on ente in this o in ma ket, ut the u entl la k the tools to make la e in estments that emain in line ith thei se u it and t anspa en needs. Within this onte t, Le olas E han e is ommitted to eatin a t ust o th , demonst a l ai and ank- a ked p emium p oto ol he e t ade s and in esto s, small and la e, an t ansa t ithout dou tin the inte it and o ustness o the plat o m o its o de mana ement s stem. Le olas E han e’s p oto ol in o po ates a de ent alized led e ithin its p op ieta ent alized plat o m in o de to neut alize ont- unnin , ua antee the inalte a ilit , tempo alit and t anspa en o the o de ook, and ensu e a ai t adin en i onment. Led an e pe ien ed team o nan ie s and su ess ul ent ep eneu s, Le olas E han e has pa tne ed ith lo al oke a e m Mako Capital. Mako ope ates a oke deale usiness t adin unde and names, Mako Se u ities London Limited, e ulated the FCA, and Os a G uss and Son In , e ulated FINRA and the NFA. Mako ill p o ide Le olas E han e ustome s ith ustod o thei deposits at majo anks, and a ess to hund eds o nan ial institutions al ead on oa ded. Le olas E han e aspi es to e ome the e e en e in te ms o se u it and omplian e o all pto e han es.

. Sho t alls o E istin E han es E istin pto e han es p esent nume ous impo tant a s and limitations. With no alte nati es, the ommunit is o ed to a ept opa it , apped o slo t ansa tions, and the isk o atast ophi losses. Institutional in esto s ho annot o e look these on e ns a e lo ked out o the ma ket and the t illions o dolla s it ep esents. . La k o Se u it . . Bit oin e Millions o it oins ha e een stolen om pto e han es sin e Bit oin’s eation. La kin ua antees and insu an e, ha ked pto e han es de line esponsi ilit o stolen it oins. An e ample o this is the Mt. Go ase in hi h the ompan said it had lost almost , o its ustome s' it oins and a ound , o its o n it oins, totalin a ound % o all it oins, o th a ound $ million at the time. Mt. Go eleased a statement statin that, "the ompan elie es the e is a hi h possi ilit that the it oins e e stolen, lamed ha ke s, and e an a sea h o the missin it oins. Chie E e uti e Ka pelès said te hni al issues le an openin o audulent ithd a als. A e he as inte o ated, Japanese p ose uto s a used him o misapp op iatin Y m $ . m in it oins deposited into t adin a ounts in esto s at Mt. Go and mo in it into an a ount he ont olled app o imatel si months e o e Mt. Go ailed in ea l . is ase is onl one o the most ell do umented, and the e ha e een nume ous othe situations he e pto assets deposited at e han es e e lost o stolen. A si ni ant isk still e ists toda , and it is idel a eed that due to ompla en and a la k o ette alte nati es all majo e han es u entl la k the p ope se u it to ade uatel p ote t ustome s’ deposits. . . Weak Authenti ation E istin e han es ope ate in a lo in/pass o d pa adi m. E en thou h some e i ed a ount solutions e ist, man t ade s ha e a ed lo ked a ounts, edential p o lems and e en in o e t alan es on thei a ount. Fu the mo e, most nan ial institutions a e set up in su h a a that mone mana e s se e as in estment ad iso s to thei in esto s and a e e ui ed to ollo dual si natu e ules he e administ ato a e si nato to all

outside t ansa tions. E istin a to autho ization poli ies a e a step in the i ht di e tion ut do not satis institutional omplian e and se u it needs. . . No Deposit Se u it o Re ou se An o ious d a a k to most e istin e han es is that the eate thei o n ules and e ui e a la e de ee o t ust om in esto s and t ade s. Runnin ont a to man p in iples o t ust-less appli ations, t ade s ho deposit pto u en ies and di ital assets on e han es ma ha e no e ou se should the e han es hoose to han e the ules, keep some it oins lo ked o one eason o anothe , o e en disappea alto ethe . Additionall , ommuni atin and esol in disputes ith e han es hen the esiden e o the holdin ompan is in an un ea ha le ta ha en an e unne essa il di ult. . La e Fiat T ansa tions A e La o ious e e a e onl a hand ul o pto e han es in the o ld that a ept eal at deposits and ithd a als, and all o them ha e some o all o the ollo in att i utes: len th on oa din p o ess, hi h ees, and dela s o up to a eek o u in it oins ith at in onjun tion ith an unkno n and sometimes e identl un ai e e ution p i e . Fiat t ansa tions a e also onst ained to a e tain amount, an in om a e thousands to a e tens o thousands o dolla s, pe -hou pe iod. In addition to these p o lems, ithd a in ats to a ank a ount om a pto e han e is also hallen in ith most anks and nan ial institution uestionin the i es, o en eje tin them and e en losin ustome s’ ank a ounts. ese limits a e an o sta le to man la e in esto s and t ade s ho a e lookin to mo e hund eds o thousands o millions in a sho t amount o time. . P i e Manipulation . . What is F ont Runnin ? F ont unnin is the unethi al p a ti e o a oke t adin an e uit in his pe sonal a ount ased on ad an ed kno led e o pendin o de s om the oke a e m o om lients, thus allo in him to p o t om the kno led e. In othe o ds, ont unnin is a p a ti e that onsists in pla in o de s e o e someone else does ased on ad an ed kno led e o thei t ansa tion. FINRA Finan ial Indust Re ulato Autho it e ulates ont unnin ithin the

t aditional nan ial ma ket ut su h e ulations emain insu ient hen it omes to p ote tin holde s. e on ept o no e il seen, no e il done hinde s an possi ilit o a tion. Mo eo e these ules and e ulations a e di ult to keep up to date ith the ast pa ed, onstantl e ol in te hnolo . FINRA’s latest ule, hi h add esses ont- unnin lo k t ansa tions, took ea s to implement. e HSBC s andal, amon othe s, is onl the tip o the i e e and p o es that the onl e ient means o p e ention lies in te hnolo ies makin su h p a ti es impossi le. Le olas E han e’s p oto ol p o ides the te hnolo i al means to om at ont- unnin o lo k t ansa tions. It is a solutel ne essa and is the optimal a to a hie e t anspa en in pto u en t adin and, on a la e s ale, the hole nan ial e os stem. . . C pto E han es and F ont Runnin C pto e han es a e est positioned to p o t om ont- unnin p a ti es: the an inse t thei o n u o de e o e a t ade ’s la e u o de and sell the ou ht asset i ht a e the t ade ’s o de is e e uted. e t ade inds up pa in mo e o his pu hase and the e han e has po keted a su stantial p o t pi a kin o the t ade . La e o de da k pools, like the one p oposed K aken E han e, a e pa ti ula l e posed to ont unnin . Fo ums like Reddit, Bit ointalk and Steemit sho hund eds o instan es o use s o pto e han es omplainin a out suspe ted ont unnin . E en thou h the alle ations a e impossi le to p o e e ause o the omplete opa ueness o the o de ook, the me e possi ilit is a la e dete ent o la e and sophisti ated in esto s. . . No T anspa ent P i e Fo mation e issues mentioned a o e a e majo o sta les to t anspa ent p i e e aluation and, onse uentl , to the eation o nan ial p odu ts like ETF. On Ma h , , the U.S. Se u ities and E han e Commission denied a e uest to list hat ould ha e een the st U.S. e han e-t aded und uilt to t a k Bit oin. In its statement, the SEC stated, "the Commission is disapp o in this p oposed ule han e e ause it does not nd the p oposal to e onsistent ith Se tion o the E han e A t, hi h e ui es, amon othe thin s, that the ules o a national se u ities e han e e desi ned to p e ent audulent and manipulati e a ts and p a ti es and to p ote t in esto s and the pu li inte est." In othe o ds, the ommission ound that the p oposed und as too sus epti le to aud.

In thei epo t on i tual u en ies, the EBA Eu opean Bankin Autho it listed a detailed num e o possi le e ulato esponses to the hallen es posed i tual u en ies. One o the main p oposals is: T anspa ent p i e o mation and e ui ements a ainst ma ket a use. To a oid ma ket manipulation and inside t adin , inte media ies must ompl ith e istin e ulation a ainst su h p a ti es in the nan ial se to . It is u ial o mode n e han es to un uestiona l p o e that the annot p a ti e ma ket manipulation. With its h id p oto ol, Le olas E han e p o ides an ele ant solution to this impo tant issue. . La k o T anspa en Most pto e han es don't p o ide an epo ts and a e ne e audited independent autho ities. Mo eo e , the nan ial audit p o ess has t aditionall een opa ue, ope atin in a la k o en i onment ith onl a pass o ail jud ement ende ed the audito on an annual asis. A num e o initiati es a e unde a inte nationall aimin to in ease t anspa en o the audit p o ess. Ho e e , Le olas E han e elie es that the onl e ient means o epo tin ests ith te hnolo ies makin e e e han es ope ation t a ea le in a pu li lo k hain. . Laten P o lem Di e en es in onne tion ualit an also make t adin un ai in e istin e han es: t ade ots ith ood onne tions an see o de ooks mo e ui kl and an, the e o e, ea t app op iatel mo e ui kl . In doin so, the ain an un ai ed e o e most e han e use s. e p o lem is pa ti ula l a ute du in allies hen e han e th ou hput limits a e ea hed. As a esult o the une en pla in eld eated lo laten t ade s, institutional in esto s ma hoose o e o ed to a oid in estin in e tain pa ts o the ma ket e ause the annot e ei e the ua antees the need o ai and t anspa ent p i e dis o e and e e ution. . Le olas E han e’s Solution Le olas’s mission is to eate a ai and ideal en i onment o institutional in esto s and othe la e in esto s to mana e and in est in pto u en ies and di ital assets. To this end, Le olas E han e uses no el lo k hain- ased te hnolo to ua antee ai ness and t anspa en o the o de ook. e se u it , as ell as auditin , epo tin and anal ti al needs a e met in the sa est and most e ient a .

Additionall , thanks to its pa tne ship ith the e ulated m Mako Se u ities, Le olas ill e a le to o e at ustod solutions o lients at majo anks. . Se u it measu es .. e P oo Wallets and Featu es Le olas ill le e a e its pa tne ships ith Mako Se u ities, Os a G uss and Led e to p o ide the ollo in se u it eatu es: Custod o lients at deposits: A e ulated oke , Mako has e istin ustodian elationships ith most lo al anks su h as Me ill L n h. Le olas and Mako ill ustod Le olas E han e lients at a majo lo al ank. Ad an ed multisi and se u e te minals: Optional eatu es ased on multi-si natu e ill e a aila le to ont ol a ti e and old sto a e. We ill o k ith se e al Ha d a e Wallets and ha d a e manu a tu e s to o e optional se u e te minals/displa s to alidate o de s. Se e ated ustod o pto u en ies: Dedi ated HSM sto a e ill e a aila le as an optional se i e o lients. Authenti ation: Simple lo in+pass o d a ess t pe ill not e allo ed on Le olas. Le olas ill en o e se u e FA p ote tion ith FIDO U F suppo t o lient e ti ates . B de ault, eak FA like OTP/Goo le Authenti ato /Auth /SMS on’t e autho ized o ill e onl tempo a il tole ated, sin e these methods a e ulne a le to phishin atta ks . A ti e sto a e and old sto a e: ese a e ua anteed di e ent e ti ed HSM Ha d a e Se u it Module , thanks to ou pa tne ship ith Led e . Le olas E han e lients ill e i en a ke on a o multisi allet, alon ith Le olas E han e and a T usted i d Pa t . e ke i en to the thi d pa t ill e sto ed in a Led e old allet, itsel sto ed in a ank sa e. Should the lient lose he ke , the sto ed ke ill e et ie ed om the ank, ensu in omplete se u it o the unds. Tailo -made solutions: Fo ustome s ith spe ial e ui ements imposed la o p e-e istin p o esses, Le olas ill uild dedi ated a ess ont ol. Se u e We se i es: Hi hl a aila le, edundant, ustomized DDoS shielded hostin solution ith net o k and appli ation le els e alls. Le olas ill use se u e H P heade s like HSTS to en o e TLS en ption, CSP & X XSS P to a oid/miti ate XSS Phishin p oo FA: http:// esea h.au ain ose .io/u -phishin -p oo - FA- o - ene al-human- ein s/ https://en. ikipedia.o / iki/Client_ e ti ate http:// .neo a e. /pleaseno/SMS_OTP_TOTP_ RCODE_SSL_ARE_NOT_SOLUTIONS.pd Se u e Ha d a e Wallets and Ha d a e Se u e Modules: https:// .led e .

atta ks, X F ame-Options to o id li kja kin , et . Pass o ds a e salted and hashed . Se u e ompan poli ies: St i t ole- ased and att i utes- ased a ess ont ol ules. No all-in-one-pe son p i ile ed a ounts. No di e t a ess to assets p i ate ke s a e se u el sto ed in HSM inside se u el ua ded and dist i uted hostin p o ide a ilities . Se u it audits and e ti ations: Un iased ze o-kno led e o de s en ption is done th ou h ke s p o ided Ce tEu ope PKI-on- lo k hain se i es. We a e plannin to pass e ula e te nal audits and to o tain se u it e ti ations deli e ed ANSSI . . . La e Fiat, C pto Deposits and Withd a als Le olas E han e’s lients ill e a le to deposit and ithd a oth at u en ies and pto u en ies. Le olas E han e and Mako ill eate a elia le, s ala le and se u e deposit and ithd a al s stem. e option to on e t at u en ies into pto u en ies, and e ip o all , in la e uantities ill e a ame han e o the ommunit and a ate a to unleashin ast ne in o s. . Blo k hain Te hnolo on top o the Cent alized E han e . . F ont- unnin P oo Le olas E han e’s p oto ol uses lo k hain p ope ties to dete mine the position o a i en o de in the o de ueue. To a hie e this, a use ’s o de is st en pted and then sent to the lo k hain. On e a lo k is on med, the o de se uen e is en a ed into the lo k hain. At this point, it e omes impossi le to inse t an o de into the o de ueue, and the p i ate ke o espondin to the pu li ke used to en pt the o de is pu lished in the lo k hain. us, tempo alit o the o de s is st i tl espe ted and the possi ilit o ont unnin is neut alized. Le olas E han e is the st demonst a l ai e han e and is holl in omplian e ith nan ial standa ds e a din t anspa en . . . T a ea ilit and Audita ilit In addition, all ope ations done on Le olas E han e - o de s, t ansa tions, ithd a als and deposits - a e en a ed in the lo k hain. C pto u en deposits and ithd a als a e e o ded in thei espe ti e lo k hain. anks to ou p i ile ed pa tne ship ith Mako , all at deposits and ithd a als a e ommuni ated to and om Mako usin the Salted Pass o d hashin , doin it i ht: https:// a kstation.net/hashin -se u it .htm Ce Eu ope Ce ti ation Auto ith : https://uk. e teu ope. / F en h National C e se u it A en ANSSI : https:// .ssi. ou . /administ ation/p oduits- e ti es/

Bit oin lo k hain in addition to ein e o ded in Mako ’s e istin ook and e o ds. Le olas E han e’s plat o m is desi ned to e ompletel audita le e ulato s and an p o ide p oo o ese e and audit epo ts in eal time. . . Laten : A Le el Pla in Field o All Ma ket Pa ti ipants e e sho t dela ne essa o alidatin a lo k an e pe ei ed, at st, as a limitation hen in a t it adds ai ness to the t adin p o ess. Indeed, a lo k eha es like a pool, andoml o de in all t ansa tions done du in the alidation time. e e o e, t ade s usin a ast inte net onne tion o those ho a e lose to the e han e data ente don’t ha e an ad anta e o e t ade s ith slo e onne tions o ho a e lo ated a the a a . e a e a ainst the lo k is mainl used to p a ti e ont unnin . It e omes less ele ant on Le olas E han e, he e it is neut alized. Ho e e Le olas E han e’s plat o m is lo k hain a nosti and, e ond lassi net o ks like Bit oin and Ethe eum, it an e plu ed into the latest lo k hains, ea hin se e al hund ed thousand t ansa tions pe se onds lo k.one, Assem l ... . Sho t alls o E istin E han es Le olas Solution Wallet e s and Ha ks Multisi natu e a ti e and old sto a e in pa tne ship ith Led e Weak Lo in/Pass o d Authenti ation B oke a e Indust Standa ds Client e ti ates and FA p ote tion Unsa e Fiat Custod Fiat ustod at majo ank La o ious la e at deposits and Fiat t ansa tions to and om lient’s ithd a als a ounts ithin Mako G oup F ont Runnin F ont Runnin p oo p oto ol P i e Fo mation T anspa ent and audita le sto a e o t ansa tion p i es in a lo k hain La k o T anspa en T anspa ent and audita le sto a e o o de s and t ansa tion in a lo k hain

. Le olas Te hnolo . P oto ol e Le olas P oto ol is a semi de ent alized o de mat hin p oto ol. In omin o de s and t ansa tions a e en pted, timestamped and sto ed in a lo k hain, hile o de mat hin is made o - hain. e de ent alization o o de s and t ansa tions in o mation allo s o t anspa ent p i e o mation, t ansa tion audita ilit , and ze o ont- unnin . Cent alization o o de poolin and o de mat hin leads to e ien and s ala ilit , passin u ent lo k hain limitations. . . Wo k o o e ie

. . O e ie o Components In ea h at h, the independent and e ti ed PKI pu lishes a pu li ke and a p i ate ke in the lo k hain. e pu li ke an e used an one to en pt and pu lish data in the ne t at h. e p i ate ke an e used an one to de pt the data pu lished in the p e ious at h. T ade et ie es the pu li ke o the ne t at h om the lo k hain. T ade en pts his o de and a andom num e ith pu li ke and sends the en pted o de to the O de Pool. O de s in the O de Pool a e en pted and a e o de ed timestamp, hi h makes ont unnin impossi le as p i e and olume in o mation a e not made a aila le to the E han e. All en pted o de s in the O de Pool a e hashed and pu lished in the lo k hain. On e a lo k is on med: O de ueue En ine et ie es the p i ate ke o the p e ious at h om the lo k hain. O de ueue En ine asks the O de Pool o all en pted o de s o espondin to the hash pu lished in the lo k hain in step .

O de ueue En ine andoml so ts en pted o de s in the ollo in manne : ea h en pted o de is on atenated ith the lo k’s hash and hashed. e esultin hashes a e so ted alpha eti all . On e o de s a e se uen ed, O de ueue En ine de pts them and sends them to Mat hin En ine and Ba kend. Mat hin En ine sends ompleted t ades to Ba kend. In addition, t ade lo s a e sent to the Blo k hain he e the a e sa el sto ed. Use Inte a e ommuni ates ith Ba kend to displa o de ooks, latest t ades, and all othe ele ant in o mation. . . Hi h ou hput Ea h lo k on a lo k hain is a le to ontain a limited amount o in o mation, hi h u entl eates limitations and ottlene ks as soon as the a ti it on the plat o m o s e ond net o k apa it . Blo k hain’s lo th ou hput is the e o e a majo o sta le o t adin e ause dela in a lient’s o de due to te hnolo i al limitations is una epta le. Le olas E han e sol es this p o lem ia an O de Pool s stem: instead o sendin o de s to the lo k hain one at a time, the O de Pool sends a hash o all en pted o de s to the lo k hain. is a a sin le hash ode is sent to e e lo k, and an unlimited num e o o de s pe lo k an e a hie ed. It is impo tant to st ess that the o de s ein pooled a e en pted, thei timestamp and thei hash ein the onl in o mation isi le to the pool. is s alin method an e ompa ed to hat the Bit oin Communit is de elopin th ou h the Li htnin Net o k. . e E han e . . Use Inte a e A ast and esponsi e t adin use inte a e usin the latest Ja as ipt te hnolo . Node S ill e used o the a kend and Rea t S o the ontend. is sta k has al ead p o en its o ustness and a ilit to suppo t a la e num e o simultaneous onne tions. A i ant ommunit and e os stem ensu es the sustaina ilit o this po e ul sta k. . . Mat hin en ine e st e sion o the mat hin en ine ill suppo t the ollo in t pes o o de s: - limit o de s - ma ket o de s - stop-loss o de s

and the ollo in mat hin al o ithms: - FIFO - P o- ata - Ma ket Make Allo ation e pa t allo ated to ea h al o ithm ill e de ided a e onsultation ith the LGO holde s. e atio allo ated to ma ket make s ill ensu e ai t adin ithout penalizin ma ket make s. . . Blo k hain e Le olas E han e plat o m is desi ned to e led e a nosti : it an easil e plu ed into an lo k hain. e eta e sion o Le olas E han e ill use the Ethe eum net o k ut as soon as Le olas oes li e ith its u ent p odu tion s stem, the est lo k hains ill e used. Mo eo e , Le olas E han e’s de elopment team is u entl stud in the use o a mu h aste pu li led e : the B zantine Fault Tole ant. . . REST and We so ket APIs e Le olas E han e plat o m ill p o ide a RESTFull API to onsult the o de ook and make o de s. A We so ket API ill p o ide the latest t ades and o de s in eal time. . Full Sta k Tools and Fun tionalities . . Custom Repo ts One o the most u ial tools that Le olas E han e ill p o ide is a ull t a k e o d o past in estments and t ades and ho the pe o med, ena lin ustome s to so t and lte thei data usin a ious met i s, oth isual and anal ti al. ese epo tin tools and isuals a e ommonl a aila le on p ime sto k oke po tals, and Le olas E han e ill epli ate man o the same un tionalities. Le olas E han e’s epo ts ill e a aila le ia CSV and an API and ill meet the e ui ements and needs o all ustome s, om da t ade s to lon te m holde s to la e nan ial institutions. e data ill e sto ed in oth a ent alized se e and on the lo k hain. . . Po t olio Anal sis Tools With Le olas E han e, ustome s ill ha e a ess to ustom made anal sis tools, su h as p o t & loss pe t ades, time pe iod, t pe o di ital asset, and olume. A ull isual o the

po t olio alue ill also e a aila le usin so tin options di ital asset, ma ket apitalization, alan es, ealized and un ealized ains. e Le olas E han e team plans to de elop additional tools o e time, ith the oal o p o idin ustome s ith alua le anal sis and anal ti s ena lin them to imp o e thei t adin st ate ies and optimize thei in estment etu ns. . . ICO Pa ti ipation Fun tionalities Sophisti ated pto in esto s ma e inte ested in pa ti ipatin in an ICO. Le olas E han e ill allo its ustome s to ene t om a ide spe t um o in estment options, in ludin in-depth anal sis o up omin ICOs and e lusi e la e- olume dis ounts on in estments made du in p e-ICO phases. Fu the mo e, the e is no minimum in estment amount e ui ed, Le olas E han es alues ea h in esto , independentl o the in estment size. . . Ta Do uments and Audit Lo Fo institutional lients and othe s ho e uest it, Le olas E han e ill ha e an opt-in un tionalit that lets lients keep a detailed lo o all t ansa tions in o de to automati all eate ta do uments. It ill also ene ate a Capital Gains Repo t in a o mat that is al ead p epa ed o a ountants and ta o es. In addition, Le olas E han e’s plat o m is desi ned to e a le to p o ide p oo o ese e and audit epo ts to institutional ustome s ho ma e uest them o thei o n auditin needs. . Le olas E han e Value P oposition . Cu ent E han e Lands ape . . Cent alized E han e A ent alized e han e is a plat o m that a ilitates t ansa tions et een pto u en ies and ma e at u en ies. T ansa tions et een the e han e’s ustome s a e e o ded in the e han e’s inte nal led e . T ansa tions a e t pi all not e o ded on a lo k hain o on an outside led e . e e is no t anspa en and neithe the a ount alan e no the t ansa tion histo an e ie ed. e majo it o e istin pto e han es a e ent alized e han es.

. . De ent alized E han e A de ent alized e han e is a ma ketpla e that mat hes u e s and selle s on its plat o m and a ilitates thei t ansa tion on a de ent alized led e o lo k hain. T ades o u di e tl et een use s pee to pee th ou h an automated p o ess a ilitated the e han e. is s stem an e a hie ed, amon othe solutions that a e u entl ein de eloped, eatin p o tokens pto assets that ep esent a e tain at o pto u en o assets that an ep esent sha es in a ompan o e ample o th ou h a de ent alized multi-si natu es es o s stem. Full de ent alized e han es ha e e isted sin e ith Maste Coin and Counte pa t . Aside om laten issues, one su stantial limitation ith these e istin s stems and those ein de eloped is that t ansa tions annot o u et een di e ent lo k hains. As o no , pai s like ETH/BTC, LTC/BTC, XRP/BTC o BTC/USD a e not t ada le on a ull de ent alized s stem sin e the e is no e to to t ans e in o mation om one lo k hain to anothe on a ull de ent alized s stem. Finall , de ent alized e han e p oje ts u entl ein de eloped don’t o us on at deposit. We elie e that at deposit and ithd a al a e impo tant un tionalities that must not e o e looked hen t in to aptu e ma ket sha es. A o din to Coinma ket ap. om, the olume o int a- hain t adin ep esents less than % o all t ansa tions pe da . . . Le olas E han e: A H id Model At Le olas E han e e ha e lon elie ed in de ent alized led e s and appli ations, ut at the same time e also elie e not all un tionalities should e de ent alized. De ent alized omputin astes ene and an e epla ed ent alized omputin om ined ith de ent alized o de ed hash sto a e. Cent alization, o its pa t, isn’t int insi all ad and o e s some i epla ea le eatu es o eal li e appli ations, namel p i a , speed, simpli it and autho it . Le olas E han e the e o e p oposes a h id e han e that in o po ates eatu es o oth ent alized and de ent alized s stems. We a e on in ed that a de ent alized lo k hain an make ent alized s stems t anspa ent, ai and, most impo tantl , t ust o th . . . Compa ison o E han es

E te nal F ont- unnin On-Chain T ustless ou hput Fiat lo k hain p oo token shapeshi .io Yes Yes Yes Medium No Yes K er Yes Yes Yes Medium No No Oasis Yes Yes Yes Medium No No 0 proje t Yes Yes Yes Medium No No Polonie No No No Hi h No Yes Gemini, No No No Hi h Yes Yes Bits amp,Kraken Legolas Yes Yes Yes Hi h Yes Yes E hange On- hain: O de ook is pu lished in a spe i lo k hain. T ustless: A to s don’t need to t ust othe a to s in o de o the s stem to un tion. F ont- unnin p oo : Impossi le o the e han e to ont un use s’ o de s. ou hput: Ma imal num e o o de s that an e sent in a i en amount o time. Fiat: Fiat u en ies an e deposited into and ithd a n om the e han e. A at u en is a u en that a o e nment has de la ed to e le al tende , ut hi h is not a ked a ph si al ommodit . E te nal lo k hain token: A ilit to t ade a token o a token in anothe lo k hain. . Le olas E han e’s Business Model . . LGO Token LGO ill e eated as an ERC ompati le token on the Ethe eum lo k hain. LGO tokens ill e e ui ed o an and all Le olas un tionalities, deposits, ithd a als, t ansa tions and anal ses.

. . T ansa tion Fees Le olas E han e ill not ha e an it oin o pto u en t ansa tion ee, ommission, o appl e t a id/o e to an o de on its plat o m. Instead, all t ansa tions ill e ui e LGO tokens to e used as ees o uel to pla e o de s on Le olas E han e. . . Additional Pa in Anal ti al Fun tionalities In addition to e ula t adin , deposit and ithd a al e han e un tionalities, Le olas E han e ill p o ide ustome s ith opt-in pa in anal ti al un tionalities su h as, o e ample, esea h, anal sis, statisti al al ulations, e ommendations, et . ese un tionalities ill e pa a le in LGO. . . LGO Dest u tion As Le olas E han e ill ha e all ees in LGO, it ill a umulate LGOs o e time. In o de to edu e the LGO ese e that Le olas E han e ill hold elati e to the o e all suppl o LGOs, Le olas E han e ill implement a t anspa ent and e i ed me hanism that dest o s on ea h t ade % o all LGO paid to Le olas E han e as a t ansa tion ee. As a esult, the suppl o LGO ill de ease o e time as the a ti it on Le olas E han e in eases, and the demand o ea h LGO ill in ease a o din l . LGO ill e su di isi le and ees ill e adjusted to al a s e e t the alan ed e uili ium suppl o LGO. . . LGO Li uidit P o ide s Pool In o de to att a t ma ket make s to Le olas E han e and ma imize li uidit o use s, Le olas E han e ill implement a t anspa ent and e i ed me hanism that t ans e s % o LGO paid to Le olas E han e into an LGO Li uidit P o ide s Pool. e LGO Li uidit P o ide s Pool ill e edist i uted to all ma ket make s and use s ho add li uidit to Le olas E han e o de ooks. Le olas E han e ill ha e ne ati e LGO ommission ates to use s ho add li uidit and adjust those edits o e time in o de to keep the LGO Li uidit P o ide s Pool lose to empt at the end o e e month. O e all, % o all LGO paid to Le olas E han e ill e eithe dest o ed % o t ans e ed to the LGO Li uidit P o ide s Pool.

. LGO Token C eation . P e-sale In o mation LGO tokens ill e o e ed in a p i ate, in itation onl p e-sale est i ted to a sele ted oup o nan ial and pto p o essionals. A se ond phase ill open the sale to sponso ed uests onl , hile a thi d phase ill allo uali ed people in the ene al pu li to pa ti ipate. Please e e to the te ms and onditions o the sale o te ms est i tions. A epted C pto u en BTC P e-sale Method p e- ene ated BIP Wallet Token Plat o m Ethe eum ERC ont a t Du ation eeks / ounds Token Dist i ution eeks a e end o sale Initial issuan e suppl Kno n a e the ICO Re-issuan e o - ea s holdin % o initial issuan e ea h semeste du in ea s % in onus total , dist i uted to LGO holde s ho ha e not sold an LGOs held at the add ess he e the initiall e ei ed the tokens. Round P i e: . % o all LGO o BTC Open onl to ad iso s, pa tne s CAP: , BTC. and nan ial and pto u en uantit sold: Minimum % o total suppl . See p o essionals. pa a aph . . Sta t Date: TBD Min CAP / e und: $ M / eeks a e the sale end, % ees. Round P i e: LGO o , satoshi Open onl to P emium Bu e s uantit sold; % o total suppl ith Round In ited ounde s o ad iso s Sta t Date; TBD Round P i e: LGO o , satoshi

Open to uali ed pu li . uantit sold; % o total suppl ith Round Sta t Date; TBD Dist i ution o Tokens P e-sale: % Rese e: % Ad iso s: % Founde s: % Lo kup Founde s: lo ked ea , then eleased the se ond ea , / pe month. Ad iso s: p o essi el eleased du in ea , / pe month. Emplo ees: % eleased a e ea . % a e ea s, and %a e ea s. Funds Go e nan e Le olas E han e SAS Boa d. Fund ill e kept in multisi add ess e ui in the si natu e o a majo it o the oa d. . ICO Method Le olas has made the de ision to a ept onl it oins o its ICO. Ea h u e has he o n multisi add ess. Add esses a e p e- ene ated o ine usin the BIP al o ithm. is desi n as hosen o the ollo in easons: . Se u it : Bit oin multisi is mo e o ust than an Ethe eum ont a t o sto in la e amounts. . Simpli it : Bu e s an send BTC om an add ess e en e han es like K aken o Polonie . . Fai ness: Gi en the olatilit o pto u en ies, a eptin multiple u en ies aises issues o p i in and e han e ates. Bu e s usin di e ent u en ies ould end up pa in di e ent p i es o the token. To edeem ICO unds, the si natu e o a minimum o unde s is e ui ed. e se e used o the ICO holds no p i ate o pu li ke s, onl add esses. . Round Minimum % o LGO tokens a e ese ed o ad iso s, pa tne s and nan ial and pto u en p o essionals. is ensu es that LGO holde s a e dedi ated and in ol ed

and not simpl spe ulatin . e e a t p i e in Round ill e kno n onl at the end o Rounds and ut ill e tainl e ad anta eous. Re a dless, at least % o the tokens ill e dist i uted du in Round . To a hie e this oal e a e usin a o mula inspi ed on e ti le notes: Pe enta e o total suppl sold du in the p e-sale: LGO_SOLD = 60% Minimum pe enta e o total suppl sold to Round u e s: MINIMUM_ROUND_0_PERCENTAGE = 20% Bonus o Round u e s: BONUS_ROUND_0 = 20% Amount sold du in Round : CAP_ROUND_0_BEFORE_DISCOUNT = 1000 BTC Amount used to al ulate the nal p i e: CAP_ROUND_0 = CAP_ROUND_0_BEFORE_DISCOUNT + BONUS_ROUND_0 = 1200 BTC Total amount sold du in the hole p e-sale: TOTAL_CAP = CAP_ROUND_0 + CAP_ROUND_1 + CAP_ROUND_2 Pe enta e dist i uted to Round u e s al ulated p o ata ith the TOTAL_CAP: ROUND_0_PERCENTAGE_CAP = (CAP_ROUND_0 / TOTAL_CAP) * LGO_SOLD e nal pe enta e dist i uted to Round u e s is the ma imum o ROUND_0_PERCENTAGE_CAP and MINIMUM_ROUND_0_PERCENTAGE: ROUND_0_PERCENTAGE = MAX(ROUND_0_PERCENTAGE_CAP - MINIMUM_ROUND_0_PERCENTAGE) is al o ithm ensu es that the p i e o LGO o Round u e s ill de ease p opo tionall to the su ess o Rounds and :

Con e sel , it also ensu es that the total pe enta e held Round u e s ill in ease p opo tionall to an sho t alls in Rounds and : E amples:

Total LGO Total Round 0 Price Effective Sold(BTC) Supply Round 0 supply (%) (BTC) Discount Round 0 1 001,50 51 492 857,14 59,93% 0,00003240 35,19% 1 750,00 83 571 428,57 36,92% 0,00003240 35,19% 2 500,00 115 714 285,71 26,67% 0,00003240 35,19% 3 250,00 147 857 142,86 20,87% 0,00003240 35,19% 4 000,00 192 857 142,86 20,00% 0,00002592 48,15% 4 750,00 241 071 428,57 20,00% 0,00002074 58,52% 5 500,00 289 285 714,29 20,00% 0,00001728 65,43% 6 250,00 337 500 000,00 20,00% 0,00001481 70,37% . LGO -Yea Holdin Bonus % o the initial issuan e ill e issued ea h months o e ea s % in total . Ea h time, the tokens ill e dist i uted to LGO holde s ho ha e not sold an LGOs held at the add ess he e the initiall e ei ed the tokens. e token ill e p o ated et een LGO holde s ho ha e espe ted this ule. is eatu e is meant as an in enti e o pa ti ipant in the initial LGO token sale to hold thei tokens o at least t o ea s. . Use o P o eeds Fundin aised th ou h the p e-sale ill e used to a ele ate the onst u tion o the Le olas plat o m. e dist i ution o unds ill, in p io it , o to a ds de elopment, in ast u tu e and ke hi es su h as senio de elope s, s stem administ ato s and nan ial e pe ts. E te nal De elopment Le olas E han e is in tou h ith se e al small and medium e han es that ma e inte ested in pa tne ships and a uisitions Le olas E han e. Edu ation and Communit Suppo t Le olas E han e is deepl ommitted to the pto ommunit and is a ti el en a ed in the de elopment o Bit oin and edu ational e o ts aimed at makin Bit oin a idel used u en .

Lo in Le olas E han e has esta lished onta ts ith the F en h o e nment in o de to assist in the uildin o a le al ame o k o pto u en and ICOs. Rese e Le olas E han e ill maintain a lo ked ese e to p ote t the alue o the LGO and deal ith un o eseen e ents. . A out the Ventu e . Le olas E han e . . Compan Due dili en e, omplian e and t anspa en a e ou p io ities. Le olas E han e SAS is in o po ated in F an e and has ont a ted KPMG o a ount auditin , and FieldFishe as Co po ate La e. FieldFishe is a leadin la m ith mo e than emplo ees a oss o es a ound the o ld. . . Team e team is omposed o ent ep eneu s, in esto s and so a e en inee s ho ha e o ked, o- ounded and e ited ompanies to ethe in the past. F édé i Monta non CEO An a omplished ent ep eneu and in esto ith ea s o e pe ien e, F édé i has ounded and e ited ompanies o a total alue o mo e than USD million. He is anked as the th la est sta t-up in esto in F an e https:// . hallen es. /sta t-up/sta t-up-les- onseils-du-top- -des-in estisseu s- an ais_ , and has een in ol ed in the eld o pto u en as an in esto sin e . He is a ell-kno n lo k hain in uen e and his ommenta ies ha e een pu lished multiple times.

Julien Romanetto COO Fo ea s Julien has een a su ess ul ent ep eneu and an in esto ith an e e o the te hni al side. He has o- ounded and e ited ith F édé i Monta non Se et Media, O e Blo and Nomao o a total alue o mo e than USD million. Julien has een in ol ed in pto u en ies and use ases o lo k hain te hnolo o the last ea s. Ouziel Slama CTO Ha in de oted himsel e lusi el to the eld o pto u en sin e , Ouziel as a majo ont i uto to Counte pa t and the p in ipal so a e mana e at S m iont.io. He has een an ad iso and lo k hain de elope on se e al su ess ul pto p oje ts. An Inte net ent ep eneu o the past ea s, Ouziel has een a ode-lo e o ... o e e ! He has e tensi e e pe tise in time-stampin and op i ht p ote tion. Yaa o Aki a Slama P in ipal A hite t Yaa o Aki a Slama is an indust e pe t in usin ee so a e to uild ull s ala le and se u e s stems. He has o ked on almost e e le el o the so a e sta k, om the linu ke nel to nal appli ations and e sites. He o ked at IBM on inte nal p odu ts, on the linu ke nel, and o Mozilla. He is the o- ounde and the p in ipal a hite t o Wmap, an IM ompan , and en.site, one o the F en h leade s in the sale o ene i e sites o small ompanies. He a ui ed his theo eti al kno led e at the p esti ious É ole No male Supé ieu e in Pa is and at e He e Uni e sit o Je usalem. F édé i Ma tin Se u it A hite t F ede i is a S stem and Se u it A hite t ith o e ea s e pe ien e. He has ta kled e e aspe t o pu li ke in ast u tu es en ption, di ital si natu e, st on authenti ation… . As a sma t a d ased se u it e pe t and a lo k hain te hnolo e an elist, he i o ousl p omotes the use o a hite tu es that om ine se u e so a e ith se u e ha d a e on oth the use side ha d a e allets, se u e te minals, pto aphi tokens as ell as the se e side ha d a e se u it modules . A delmajid Oul aki Lead de elope A ull sta k de elope ith mo e than ea s e pe ien e, A delmajid mana ed a team o e pe ien ed de elope s at Ne a Pa is e o e oin to Mo o o to uild the Ne a We A en . On top o this, he has ou ht his kno led e and e pe ien e to se e al ompanies to uild and mana e talented de elopment teams. A pto u en holde sin e and

MtGo i tim, A delmajid didn't think t i e e o e joinin his lon -time iend Ouziel in uildin the i est pto e han e in the o ld. Roei E ez Lead Mo ile De elope Roei is a so a e a hite t ith o e ea s o e pe ien e. He has e tensi e e pe ien e mana in a ile teams and is a st lass de elope . Roei joined Code ashin as VP o En inee in in Janua e o e the ompan as su se uentl sold in Au ust . He has also een o kin at Ha mon.ie, he e he leads se e al mo ile p oje ts p o idin oss-plat o m appli ations o the ompan . Roei a ui ed his st it oin in and has een a i an o all thin s pto u en e e sin e. Yohan Guez P odu t O ne Yohan de eloped ne indi ato s and ma hine lea nin models to enhan e Ma an Capital’s po t olio onst u tion apa ilities. Be o e joinin Ma an, Yohan o ked o the Eme in Ma kets t adin desk at So iete Gene ale in Hon Kon and at BNP Pa i as, he e he as in ha e o the implementation o sto hasti models. In the ou se o his o k, Yohan has e ome e inte ested in lo k hain te hnolo . He onside s it, mu h like So ial Media in the s and Inte net in the s, to e the ne t ontie . Yohan joined the Le olas E han e p oje t in o de to use uttin -ed e te hnolo to open ne a enues o t adin . Noam Co hin Ma ketin Mana e Noam Co hin is a F an o-Ame i an ite and t anslato . A e stud in Lin uisti s and Anth opolo at M Gill Uni e sit in Mont eal and the He e Uni e sit o Je usalem, he mo ed to Gene a to tea h and o k as a eelan e t anslato . A e mo in to Pa is he e an o kin at a musi a hi al ente as head o the di ital a hi es. In pa allel, he studied applied mathemati s at the CNAM he e he ained an endu in passion o pto aph and pto u en ies. Sin e , he has de oted himsel ull-time to itin and t anslatin and ounts man pu lishin houses and ompanies amon his lients. e ad iso oa d is omposed o hed e und mana e s, oke a e m ounde s and CEOs, as ell as ank mana in di e to s. . Mako e Mako oup is an inte national oke a e m esta lished in to p o ide nan ial se u ities esea h and e e ution to institutional in esto s in ash e uities, ed in ome, de i ati es and FX.

With o es in Ne Yo k, Chi a o, London, Pa is, Gene a, Gi alta , Tel A i and Sin apo e, and o e oup emplo ees, Mako o e s its lients a -hou lo al t adin se i es, p o idin a sin le point o onta t o mo e than e e ution enues in ash e uities onl . Mako p o ides its lients ith o i inal and inno ati e t adin ideas spe ializin in isk a it a e, spe ial situations, elati e alue and e ent-d i en oppo tunities o lients and e ula l anks ithin the Top o the omson Reute s EXTEL isk-a esea h su e s. Mako a ts onl as an a ent and is the e o e not sus epti le to the a ious on i ts in the indust . Mako takes no p op ieta positions and as su h a ts holl and e lusi el o the ene t o the lient. Mako ’s unde standin o lo al ma kets and e tensi e lient elationships uilt o e ea s indust e pe ien e, allo s us to tap into lo al institutional po t olios in o de to ma imize li uidit o lients. Besides the lient elationships, Mako has st on elationships ith lo al ustodians and p ime oke s. ese inte national ustodians, hi h p o ide essential se i es a oss all asset lasses, a e the oil that keeps the t adin en ine unnin smoothl . P ime oke a e se i es in ludin ustod and t ade settlement a e as impo tant to the lients as the e e ution itsel and in some ases e en mo e impo tant. Settlement o t adin a ti it needs to e timel and p o lem ee. In addition to a ilitatin lea in and settlement se i es, e also o k losel ith lients to optimise thei alan e sheet nan in e ui ements, hi h e ui es liaisin ith these lo al ustodian se i e p o ide s. Ou leadin se i e p o ide s in this e a d a e inte nationall e o nised and t usted names: o e ample So iete Gene ale, BNP Pa i as, Pe shin Limited, Bank o Ame i a Me ill L n h, Ro al Bank o S otland, Citi ank, CACEIS et .

ANNEX . Finan ial Institutions A e Em a in C pto is ea has seen ast apital in o s into pto u en ies. Ne e theless, the amount pales in ompa ison to the su stantiall la e in estments that ill ome om institutional in esto s and nan ial ad iso s in the months and ea s ahead. Up to no , la e and p o essional in esto s ha e een missin the se u it and man o the tools the need to ente the pto ma ket. Le olas E han e is em a in this utu e in o and is o e in to uild these un tionalities to ene t oth e istin and in omin in esto s and t ade s alike. . Alte nati e In estment Is in Vo ue O e the last ea s, institutional mone mana e s ha e een steadil in easin thei holdin s in alte nati e in estments in o de to di e si thei po t olios and in ease e pe ted isk adjusted lon te m etu ns. A o din to P i e ate houseCoope , lo al assets in alte nati e in estments ill o to US$ . t illion, om $ t illion toda . is la e and o in allo ation means that institutional in esto s su h as ealth mana e s, endo ments, in estment unds and so e ei n ealth unds a e onstantl lookin o ne asset lasses and p odu ts that p esent positi e o th e pe tations. C pto u en ies and di ital tokens a e pe e tl positioned to e one o the leadin in estment lass and e ei e a la e p opo tion o those t illion dolla s. . C pto u en ies A e Outpe o min Majo s Assets Fa One o the most tellin met i s suppo tin the thesis that nan ial institution ill in est hea il in pto u en ies is that the pe o man e o pto u en ies has lo e ed the etu ns seen e uit en hma ks o e the last e ea s. Bit oin etu n has outpe o med the S&P a a to o sin e Ap il . E en hen usin the So tino atio, a measu e o isk-adjusted etu n, Bit oin has la el outpe o med all asset lasses o e the last se en ea s.

. A Nea -un o elated Asset In a lo alized o ld he e ma kets a e e omin mo e inte onne ted , uildin a sta le po t olio made o di e si ed in estments is in easin l di ult. Findin un o elated in estments is oth hallen in and in edi l e a din o an institutional in esto lookin to eate a di e si ed po t olio ith sta le lon -te m etu ns. In this onte t, one an al ulate that the o elation et een Bit oin and the S&P o e the last ea s is almost % to e e a t . is in edi l lo o elation is att a ti e to la e in esto s as a a o edu in thei po t olio isk. Bit oin Co elation ith S&P - a e a e o onl % -% . % . % - . % . % In a t, Bit oin an e en se e as a hed e a ainst ha m ul eopoliti al e ents due to its de ent alized natu e. e e is a o in od o empi i al e iden e suppo tin this thesis ith, o e ample, it oin p i e spikin in esponse to oth B e it and the ele tion o Donald T ump. is al ulation an e e tended to othe nan ial asset lasses su h as onds, ommodities, eal estate and u en ies ith simila esults: pto u en ies p esent a uni ue om ination o positi e e pe ted o th and no o elation to esta lished in estment oppo tunities.

. A G o in Demand o C pto Assets Di ital u en ies ha e ound a o amon indi idual in esto s, ut emain a ni he phenomenon amon the ide in estment ommunit . e o in demand all t pes o in esto s o di ital u en ies has had a positi e e e t on the nan ial indust , leadin them to ie pto u en ies and di ital assets as a majo ne ma ket oppo tunit o thei in esto s and lients. One o the est illust ations o this attempt nan ial p o essionals to ente the pto ma ket a e the man attempts, oth su ess ul and unsu ess ul, to eate indi es and se u ities that ould t a k the p i e o Bit oin o ICO pe o man e. While ETFs E han e T aded Fund ha e not een app o ed in an ount et, se e al nan ial institutions a e u entl petitionin e ulato s in No th Ame i a, the United Kin dom and ontinental Eu ope. S eden al ead has an ETN E han e T aded Note t a kin the p i e o Bit oin listed on the Sto kholm sto k e han e ith a ma ket apitalization o $ M. Se en lo al anks BNP Pa i as, So iete Gene ale, CitiBank, Ba la s, Goldman Sa hs, Ban o Santande , Standa d Cha te ed ha e announ ed plans to inte ate utu e use o pto u en ies. ese e olutions ill ontinue to matu e and a ele ate in the omin months and ea s, openin a ood o in estments int o pto u en ies and di ital assets. Sa o Bank anal st Ka Van-Pete sen estimates that pto u en ies ill a ount o % o the a e a e dail olume o at u en t ades ithin ea s, ith Bit oin alone a ountin o $ illion a da .

Re e en es Counte pa t . "Counte pa t Int odu es T ul T ustless Games on the Blo k hain." Jul , http:// ounte pa t .io/ne s/int odu in - ull -t ustless- ames-on- lo k. e Jou nal o T adin . "Footp ints on a Blo k hain: T adin and In o mation Leaka e in Dist i uted Led e s" June , http:// .iijou nals. om/doi/a s/ . /jot. . .. . Mi hael Le is. "Flash Bo s: A Wall St eet Re olt" Ma h , https:// ooks. oo le. / ooks/a out/Flash_Bo s_A_Wall_St eet_Re olt.html?id=U IkA A AQBA C istina Ja amillo. " e Re olt a ainst Hi h-F e uen T adin : F om Flash Bo s, to Class A tions, to IEX" - , https:// . u.edu/ / les/ / /C istina-Ja amillo-DA.pd e Ne Yo k Times: " T adin Fi ms Settle Cha es o $ Million" Ma h , http:// .n times. om/ / / / usiness/ spe ialist.html e Ne Yo k Times: "Ho T ade s Use F ont-Runnin to P o t F om Client O de s" Jul , https:// .n times. om/ / / / usiness/deal ook/ho -t ade s-use- ont- unnin -to -p o t- om- lient-o de s.html?m u z= FINRA Finan ial Indust Re ulato Autho it . "FINRA Re uests Comment on P oposed FINRA Rule Re a din F ont Runnin o Blo k T ansa tions" De em e , https:// . n a.o /sites/de ault/ les/Noti eDo ument/p .pd FINRA Finan ial Indust Re ulato Autho it . "SEC App o es Consolidated F ont Runnin Rule" De em e , http:// . n a.o /sites/de ault/ les/Noti eDo ument/p .pd

FINRA Finan ial Indust Re ulato Autho it . "Noti e . F ont Runnin o Blo k T ansa tions" June , http:// n a. omplinet. om/en/displa /displa _main.html? id= &element_id= SEC Se u ities and E han e Commission . "O de Disapp o in a P oposed Rule Chan e" Ma h , https:// .se . o / ules/s o/ ats z / / - .pd EBA Eu opean Bankin Autho it . "EBA Opinion on i tual u en ies " Jul , https:// .e a.eu opa.eu/do uments/ / /EBA Op- - +Opinion+on+Vi tua l+Cu en ies.pd And es Guadamuz and Ch is Ma sden. "Blo k hains and Bit oin: Re ulato esponses to pto u en ies" De em e , http:// stmonda .o /ojs/inde .php/ m/a ti le/ ie / / EBA Eu opean Bankin Autho it . "P i e d i e o e U.S. ma oe onomi ne s: p i ate in o mation a out pu li announ ements?" Ma , https:// .e .eu opa.eu/pu /pd /s p ps/e p .en.pd CPAB Canadian Pu li A ounta ilit Boa d . T anspa en in the audit Ma h , http:// . pa - . a/Do uments/Stakeholde s/Audit% Committee/CPAB_E han e _T anspa en _Audit_Pa t_ _EN.pd Reddit. Pete Todd e plainin h side- hains a e inse u e and ad o de ent alization , https:// . eddit. om/ /Bit oin/ omments/ /pete _todd_e plainins_ h _side hain s_a e_inse u e/ Piete Wuille, "BIP : Hie a hi al Dete ministi Wallets" Fe ua , https:// ithu . om/ it oin/ ips/ lo /maste / ip- .media iki

Will Wa en, Ami Bandeali, " : An open p oto ol o de ent alized e han e on the Ethe eum lo k hain" Fe ua , https:// p oje t. om/pd s/ _ hite_pape .pd S eden's Nasda E han e App o es Bit oin- ased ETN Ap il , https:// . oindesk. om/s edens-nasda -e han e-app o es- it oin- ased-etn/ What ill it take o a Bit oin ETF to et app o ed ? Ap il , https:// . o es. om/sites/ o es nan e oun il/ / / / hat- ill-it-take- o -a- it oin-et -to- et-app o ed/# d a d Bit oin in esto s et the SEC ill app o e pto u en ETF - a ie at odds ith anal st, Fe ua , http:// .ma ket at h. om/sto / it oin-in esto s- et-the-se - ill-app o e- pto u en -et -a- ie -at-odds- ith-anal sts- - - Sta t-up: les onseils du Top- des in estisseu s an ais, O to e , https:// . hallen es. /sta t-up/sta t-up-les- onseils-du-top- -des-in estisseu s- an a is_ Bit oin Wo th $ M as stolen in Bit ne e han e ha k in Hon Kon , Au ust , http:// o tune. om/ / / / it oin-stolen- it ne -ha k-hon -kon / Bloom e https:// . loom e . om/ uote/COINXBT:SS