The IGX Token will be available to redeem for USD or bitcoin (BTC) on Bitlio. The amount available for redemption will be allocated in USD to all eligible customers on a pro rata basis.
What is the pro rata basis?
Redemption on a pro rata basis refers to receiving an equal proportion of funds across all eligible IGX Token holders.
Bitlio will determine the appropriate portions (pro rata) amounts of IGX Tokens that can be redeemed for fiat (USD). The determination is made based on funds from ongoing operations and money raised.
As redemption becomes available, we will notify you by email and post it on our blog.
Where are the funds credited after redemption?
Funds redeemed will be credited to your USD wallet on your Bitlio account. If you do not have a USD wallet on your account, it will be created automatically for you.
Here’s an example of an IGX to fiat redemption.
Please be aware that the following calculations are estimations only and do not provide the exact figure for the prorated values.
If you have 100 IGX, and we enable 20% redemption of your total IGX balance, you will have a balance of 80 IGX left, and $20 will be available in your USD wallet. You’re free to use this $20 on Bitlio or withdraw it to your verified bank account.
Can I use these funds on Bitlio?
Absolutely! Funds redeemed are available in your USD wallet, and can be used for any of Bitlio’s services including instant buy & sell, one click buy & sell, international transfers, and bill payments.
Funds redeemed can be used toward the purchase of any of the following cryptocurrencies; Bitcoin (BTC), Dash, Tether (USDT), Zcash (ZEC), Bitcoin Cash (BCH), Ethereum Classic (ETC), Ethereum (ETH), Monero (XMR), Ripple (XRP), or Litecoin (LTC). At this time, we are processing withdrawals manually. Please contact us if you wish to withdraw cryptocurrency.
On your Dashboard, click Trade Crypto --> Select Instant Buy & Sell.
Go to Crypto Currency to select your desired crypto for trading.
How do I withdraw my funds?
You can withdraw USD or BTC from your Bitlio wallet after redemption.
BTC withdrawals will be processed within 1 business day.
Fiat withdrawals will be processed within 3-7 business days, and are subject to a fee and minimum withdrawal limit.
Bitlio will process all USD withdrawals from a centralized bank account in Belize. Please note, this may add to processing time and exchange rate losses.
We highly recommend that you purchase and withdraw BTC to minimize processing time.