Quote

WEX token

31.10.17 23:05 from admin
Dear WEX users!

Input data: WEX has bought out the BTC-e user base and their digital profiles.

WEX issued tokens that compensate for the lost fiat balances of users of the BTC-E exchange.

Starting from November 2 2017 00:00 a.m. (Moscow) we will publish data on the percentage (%) of the bought out tokens, under the chat, the information will be updated in real time. Conditions for keeping, selling and buying tokens will be described in the Terms of Use.

Our company is working under the laws of Singapore which considers digital currencies and tokens as a "digital asset". It means that we have the right to issue tokens, a digital asset with conditions and price specified at the start and available for trading.

The WEX token is a contract between us and users, according to which we are obliged to buy out the WEX tokens during a certain interval of time (2 years). In this case from the legal point of view it is the creditors right (right of the user) to get a compensation / payment for tokens and also to trade it.

In the first stage, tokens are redeemed from the market at regular intervals (daily, weekly, monthly). This stage has already been launched and changes can be seen online by the percentage of redeemed tokens.
At the second stage, tokens will be bought out 1 to 1 from user balances. The time of the launch of this stage has not yet been determined.

Previous news about tokens -- https://wex.nz/news/2

Yours sincerely,
WEX

https://wex.nz/news/4

I am not sure what they mean by percentage redeemed, does that mean taken out of circulation by WEX buying them back at market not 1:1 ?