Most recently, the Bitfinex crypto exchange has released its own digital token - Unus Sed Leo (LEO). In just a month, the cryptocurrency managed to grow by almost 80% and break into the TOP-20 CoinMarketCap cryptocurrencies. LEO is a utility token that can be used on all iFinex platforms, including Bitfinex and Ethfinex. The token got its name from the iFinex motto "Unus Sed Leo".
UNUS SED LEO (LEO) is a cryptocurrency token and operates on the Ethereum platform. A utility token designed to empower the Bitfinex community and provide utility for those seeking to maximize the output and capabilities of the Bitfinex trading platform.
Like Binance Coin (BNB), LEO gives its holders discounts on the crypto exchange commissions. iFinex also burns tokens on set dates. Similar to BNB at Binance cryptoexchange, Unus Sed Leo acts as an internal coin of the exchange, the use of which provides a number of advantages, such as a reduction in commission fees.
UNUS SED LEO (LEO) was designed to extend the capabilities of all platform users and services to iFinex, the parent company of Bitfinex. Such a decision should help to cope with the crisis that arose after the accusations against the trading platform about the illegal use of Tether cryptocurrency cash.
With UNUS SED LEO, Bitfinex plans to fill its own budget. As a result of the initial exchange, $ 1 billion was collected.
IFinex has a budget deficit of $ 850 million. Therefore, every month coins are redeemed in the amount of 27% of the profits in order to close the resulting hole in the budget. On May 20, 2019, the UNUS SED LEO token was added to Bitfinex, and then to other trading platforms.
As we mentioned earlier, iFinex will buy LEO tokens monthly equivalent to at least 27% of the company’s profit for the previous month. This is an indefinite process, while tokens will be in circulation. Redemption occurs at the current market price.
LEO tokens, which are used to pay commissions, can also be burned. The only platform that cannot destroy coins is Ethfinex, since it launched its own token called NEC in 2017 for the same purposes.
* Forex Rating accepts no liability for any errors in the Unus Sed Leo Price or LEO Information. For the most recent information please visit the Unus Sed Leo official site.
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