LEO (UNUS SED LEO) is a new coin designed to expand the capabilities of users of the iFinex trading platform and its subsidiary services, including Bitfinex currency exchange. It is created after the report of illegal use of the Teter currency code for exchange. It reached 80 percent growth in just one month, making it one of the top 20 cryptocurrencies in the world. Its developers’ reputation has left many investors in doubt as to whether this digital currency is a growing prospect. In this article we will introduce LEO digital currency.
Genesis of Leo
To introduce LEO cryptocurrency, we first look at the emergence of it. 2018 was very difficult for BitFinex. The New York Attorney General’s Office has charged iFinex with concealing $ 850 million in damages. The money was transferred to a Panamanian company called Crypto Capital Corp, which processes digital payments, according to the prosecution. Most of the money came from the customers’ budgets.
In order to rehabilitate investors in the eyes of investors, the exchange announced its introduction of the coin to cover the budget deficit. In May 2019, LEO appeared on iFinex. The developers produced one billion tokens and sold them for 1 USDT by the end of IEO (Coin Exchanges initial proposal). BitFinex spends 27% of its profits each month buying these coins at market rates. The purchased coins are burned and budgeted. To prove the claims, a special section has been created on the company’s official website that publishes data on purchased and burned coins as well as transaction information.
There are three main functions to assess LEO:
- Financing the BitFinex
- Expand new opportunities for collection customers
- Development of iFinex ecosystem
Just as Binance Digital Currency Exchange (BNB) has provided many benefits to its users, LEO digital currency as a domestic currency exchange has many benefits, including:
- Trading commission for coin holders is reduced by 15%. This discount applies to all currency pairs, including stable-coin pairs.
- For people who have more than 5,000 USDT in their wallets, the commission is reduced by another 10%, which is a very attractive offer.
- For every 10,000 USDT kept in the format of LEO, a monthly 0.05% discount is awarded.
- Accounts with more than 50 million coins receive a 25% discount on currency withdrawals (both digital and Fiat) and transactions. In addition, they do not pay any additional fees for the withdrawal of $ 2 million.
LEO digital currency is an utility coin for new iFinex services that it intends to develop. So it is trying to implement it in its service derivatives such as Bitfinex, iFinex, Dazaar, µFinex, Betfinex and EOSfinex. Therefore, coin holders are promised a discount on the use of services as well as special conditions for trading and working with derivatives (futures, options, etc.). As the capital market grows, the value of each coin increases, and traders will be able to take advantage of existing rate differentials and increase their profits by reducing trading commissions.
In this section we examine the value of LEO cryptocurrency. LEO digital currency entered the market on May 21, 2019 and is currently trading at $ 0.95 with a market size of just under $ 1 billion, or about $ 950 million. This volume of capital shows that despite their repeated scandals, the popularity of BitFinex has remained. The exchange remains one of the biggest and most significant players in the market. Therefore, the publication of its special currency code in the community was welcomed. This is compounded by the fact that one billion tokens are sold in just a few days.
In addition to attractive loyalty programs, just one reduction in commissions has dramatically increased interest in the project and greatly stimulated market dynamics. The daily turnover was $ 10.3 billion which has decline today. This is an incredible index of assets, just over a month away. In addition, developers have already announced a new wave of rewards.
In this article, we introduced LEO digital currency and outline the benefits of using it. The growth potential of this digital currency is still there, and iFinex continues to promote new services. Monthly rate analysis shows that the maximum price has not yet been reached. Adding this currency to the currency basket can be a lucrative strategy for experienced investors.