Bitfinex and Tether are two companies that operate under a third company called iFinex. This article will talk about the LEO coin, which is used as currency on Bitfinex's platform.
Bitfinex has been in operation since 2012 but was not well known until recently when it ceased trading US Dollars for cryptocurrencies after being subpoenaed by U.S authorities last year to investigate whether or not they were engaged in money laundering practices with its sister company Tether Limited (TNL).
LEO is a utility token available for use on Bitfinex exchange and the Ifinex ecosystem. Today we will take you through the basics of what this coin does so that you'll get all the necessary information for investing and speculating.
What is iFinex?
iFinex is a company headquartered in the British Virgin Islands. iFinex operates online cryptocurrency trading platforms and provides other crypto-related services. iFinex has proven itself to be both innovative and diverse in its product offerings. It combines the best of blockchain technology with high-quality products, without compromising any features or performance capabilities.
The diverse portfolio of products that iFinex offers ranges from Ethfinex Trustless, Nectar, iFinex IEO Platform, and the most popular one is Bitfinex Exchange.
Bitfinex has been among the best crypto exchanges since it was first launched in 2012. This exchange platform allows its users to buy, sell and trade digital coins via bank transfers or cryptocurrency payments which is made possible by over-the-counter trading (OTC). A very versatile trading interface that can support up to 100 different cryptocurrencies with these main features:
- Bitfinex Margin Funding.
- Bitfinex Margin Trading.
- Trading Exchange.
- Bitfinex Futures.
- Bitfinex Affiliate.
- Advanced Order Types.
- Paper Trading.
The platform is currently in the top 10 centralized trading exchanges according to Coinmarketcap. The 24h trading volume is $818 million dollars which is impressive. However, the weekly visit is 744561, which is considered not as high as expected due to one of the largest hacks events from past years.
What is LEO Token?
LEO is a utility token that serves as the foundation of iFinex systems. The company has launched LEO in 2019 and intends to use it across many different platforms, including Bitfinex, Ethfinex, Tether among others.
After a private sale that raised $1 billion and quickly fell in favour of the market, LEO has become one of the 15 largest digital currencies. Bitfinex wants to use this coin as a way to help strengthen its user’s community while also benefiting from holding LEO tokens on its platform.
LEO gives its issuer more control and many options for the success of their exchange. Users can certainly have advantages from faster transactions and cheaper rates with this platform. The project aims to use LEO tokens to provide more opportunities for Bitfinex users and the people surrounding it. Users will have access to preferential tariffs when trading on Bitfinex, as well as participating in placements with them.
Detailed information about LEO Token
LEO Price Today
Currently, you can track the LEO token price on Coin98 Markets right at: markets.coin98.com/currencies/leo-token
Coin98 Markets is a website that helps users to get updates of the real-time prices, as well as view the detailed information of a Token Metric from any project. More specifically, you can access the home page or the community page of a project, or filter the coins/tokens based on their Market Cap, Trading Volume, etc.
LEO Key Metrics
- Name: UNUS SED LEO.
- Ticker: LEO.
- Contract: 0x2af5d2ad76741191d15dfe7bf6ac92d4bd912ca3
- Decimal: 18.
- Blockchain: Ethereum.
- Token Standard: ERC-20.
- Token type: Utility Token, Exchange Token.
- Total Supply: 953,954,130.00 LEO LEO.
- Circulating Supply: 985,239,504 LEO.
LEO Token Allocation
On a monthly basis, 27% of the gross revenue from iFinex will be used to buy back LEO until they are no longer in circulation.
LEO Token Sale
A private offering of 1 billion tokens will be sold with the initial price is 1 USDT per LEO.
LEO Token Use Case
LEO token holders can access exclusive benefits including:
Token Burn: iFinex will buy back an amount of LEO equal to 27% of their gross revenues from the previous month on a monthly basis. There has been a total of 51 million tokens burned.
Bitfinex Taker Fee Reduction: The LEO token holders will now enjoy a 15% reduction on all crypto-to-crypto pairs (including stablecoins) and an additional 10% over the same types of transactions if they have more than 5,000 USDT in their account. Also, Up to 25% of your trading fees can be reduced by purchasing these new LEO tokens.
Bitfinex Lending Fee Reduction: Bitfinex will give lenders a discount off their interest rates for every 10,000 USDT in LEO tokens they hold during the month. The maximum reduction is capped at 5% and any reductions can change based on changes to Bitfinex’s fee schedule or other factors.
Bitfinex Crypto and Fiat Withdrawals and Deposits Fee Discount: Leo holders will receive up to a 25% crypto withdrawal and deposit fee discount. Holders of > 50m USDT worth of LEO tokens (on average) in the previous month are able to withdraw 2m USD fiat per month without additional fees. Also, the additional fee will be reduced from 3% down to 2%.
Bitfinex Derivatives Taker Fee Reduction: Taker fees will be reduced by 1 bps for every 10,000 USDT in LEO tokens held (on average) during the previous month. The maximum discount is capped at 2bps and this fee reduction can change as needed based on fluctuations with other changes to Bitfinex’s trading rates.
Other iFinex Trading Platforms, Products, and Services: EOSfinex will make similar discounts available for holders of LEO tokens. Future iFinex trading platforms, products, and services expect to offer the same fee reductions or other features that are only accessible by tokenholders on this platform.
How to buy LEO
Step 1: Connect Coin98 Extension Wallet.
Step 2: Select Uniswap.
Step 3: Choose coins/tokens for trading:
- Search LEO.
- If the resultdoes not come up, you can paste the contract of LEO into the search box: 0x2af5d2ad76741191d15dfe7bf6ac92d4bd912ca3
Step 4: Adjust the amount you want to Swap.
Step 5: Adjust the gas fee, then click Approve.
Alternatively, you can apply the same steps for Coin98 Wallet to swap the token.
How to mine LEO?
LEO is a utility token so it can not be mined.
How to store LEO
You can store LEO token on Coin98 Wallet with these below steps:
Step 1: Open Coin98 Wallet & click Receive on the home screen.
Step 2: Search LEO Token.
Step 3: Click on the correct result, copy the wallet address and send LEO to this address.
Team, Investors, and Partners
iFinex’s senior management team is made up of a diverse group with decades of experience in technology, financial services, and compliance.
JL van der Velde - Chief Executive Officer: JL was an early adopter of cryptocurrency and joined Bitfinex in 2013. He has been instrumental to the company since then, focusing on compliance systems that are both strict and innovative.
Giancarlo Devasini - Chief Financial Officer: Giancarlo is the Chief Financial Officer of Bitfinex. He has been instrumental in developing their banking relationships, attracting key personnel, and re-domiciling the company since 2012.
Peter Warrack - Chief Compliance Officer: As a specialist in intelligence-led investigations, Peter Warrack knows how to use the data collected by law enforcement and governments. He also has an understanding of banking systems with regard to virtual currencies.
Bitfinex just raised $1 billion in a single private round of fundraising that closed on May 13th, 2019.
Is LEO a good investment?
LEO coin is comparatively less popular than other exchange tokens. It does not have as many usage or use cases as BNB or KCS. However, we can take a look at the following points to make an investment decision:
- The Bitfinex $623 million dollars hack suffered in 2016 may cause confusion and distrust among users. It is unclear if the LEO token will be able to survive this major setback, or how it might recover in the future.
- The project also offers a form of token burn but it's still insignificant compared to the total supply.
- LEO is a Utility Token in iFinex's ecosystem and upcoming products such as Bitfinex derivatives or iFinex IEO Platform. However, we have not seen significant developments from these new projects.
- Despite being ranked 48th on Coinmarketcap, LEO only has a circulation volume of just $2 million in 24 hours. This is much lower than other coins with the same rank and means that they have less popularity among holders. The project team needs to find new ways for their coin to grow so it can be more popular in the future.
I hope you have gained all of the important information about LEO Token including its features and highlights throughout this topic.
If you have any questions about LEO or want to know more about LEO, please feel free to leave a comment below and join Coin98 Community for further discussions about Crypto.