What is LEO? The Ultimate Guide to Understanding Cryptocurrency: Leo

Wednesday, December 29, 2021 at 5:23am



UNUS SED LEO (LEO) is a utility token issued by Bitfinex, a cryptocurrency exchange. Users who hold LEO enjoy reduced trading fees, funding fee discounts, and additional benefits from the exchange's referral program. LEO tokens have been issued on both the Ethereum and EOS blockchains. The company raised $1 billion by selling the tokens to investors in a private sale, one of the biggest token sales of all time. The Bitfinex exchange also offers options in all major fiat currencies such as USD, EURO, GBP. 


How did Bitfinex raise $1 billion with LEO?

There are two layers to the Bitfinex token offering:


Launch of the Bitfinex chain (base currency and coin): BITFD and BLK. Bitfinex will use these in their exchange. Valid for the next 100 years (bitfinex.com). Offers bonus LEO to investors who open an account with them.


Launch of the LEO card: GDR (goods and services tax) is levied on various purchases. It amounts to around 6% of the final transaction price. LEO enables Bitfinex to avoid this levy. The company collects transaction fees in LEO, thereby increasing its liquidity, facilitating trade, and thus increasing transaction volume.


How do I get my hands on some LEO tokens?

Bitfinex has an online wallet on its website, which allows you to convert EOS and Ethereum tokens into LEO tokens and make them accessible on its trading platform. Bitfinex says it takes a "3-5 day wait" before you can acquire LEO tokens through the wallet.