LEO Token: The Utility Cryptocurrency Driving the iFinex Ecosystem

LEO: Everything you need to know

LEO is a cryptocurrency token that was launched in May 2019 by iFinex, the parent company of Bitfinex, one of the largest and oldest cryptocurrency exchanges in the world. LEO is an ERC-20 token on the Ethereum blockchain, but it also has a version on the EOS blockchain and the Binance Smart Chain. LEO is designed to be a utility token that provides various benefits and discounts to its holders within the iFinex ecosystem, which includes Bitfinex, Ethfinex, EOSfinex, and other platforms and services.

Why Was LEO Created?

LEO was created as a response to a major legal and financial challenge that iFinex faced in 2019. In April 2019, the New York Attorney General (NYAG) accused iFinex of using funds from Tether, its affiliated stablecoin issuer, to cover up an $850 million loss that resulted from a deal with Crypto Capital, a payment processor that allegedly failed to process Bitfinex’s withdrawals. The NYAG claimed that iFinex violated New York law and defrauded its customers by not disclosing the loss and the use of Tether’s reserves.

To address this situation, iFinex decided to raise funds by issuing a new token called LEO, which stands for UNUS SED LEO, a Latin phrase that means “one but lion” and is derived from one of Aesop’s fables. The phrase symbolizes iFinex’s strength and resilience in the face of adversity. iFinex conducted a private sale of LEO tokens in May 2019 and raised $1 billion from investors in less than 10 days. The sale was open to verified Bitfinex users only, and each LEO token was sold for 1 USDT.

The proceeds from the sale were used to provide liquidity and working capital for iFinex, as well as to repay the debt owed to Tether. iFinex also promised to buy back and burn LEO tokens from the market every month, using at least 27% of its gross revenues, until no more than 100 million LEO tokens remain in circulation. The buyback and burn process is transparent and verifiable on the blockchain, and can be tracked on the LEO Transparency Dashboard1.

What Are the Benefits of Holding LEO?

LEO is not just a fundraising tool for iFinex, but also a utility token that offers various advantages to its holders within the iFinex ecosystem. Some of these benefits are:

Access to new features and services: LEO holders can get early access to new products and services launched by iFinex, such as Bitfinex Derivatives, Bitfinex Pay, Bitfinex Pulse, Bitfinex Token Sales, and more.

Participation in governance: LEO holders can have a say in the future development and direction of the iFinex ecosystem, by voting on important decisions and proposals through the LEO DAO (decentralized autonomous organization).

How Can You Get LEO?

LEO tokens can be obtained in several ways:

Buying from exchanges: LEO tokens are listed and traded on several cryptocurrency exchanges, such as Bitfinex2, OKEx3, Binance4, and others. You can buy LEO tokens with fiat currencies or other cryptocurrencies, depending on the exchange.

Earning from referrals: You can earn LEO tokens by inviting your friends to join Bitfinex through your referral link. You will receive a percentage of their trading fees in LEO tokens for up to three years.

Earning from staking: You can earn passive income by staking your LEO tokens on platforms that support it, such as Celsius Network5. You will receive interest payments in LEO tokens or other cryptocurrencies of your choice.

Conclusion

LEO is a utility token that serves as the backbone of the iFinex ecosystem. It was created to help iFinex overcome a legal and financial crisis in 2019, and it has since become a valuable asset for its holders, who can enjoy various discounts, rewards, and privileges within the iFinex platforms and services. LEO is also a token that represents the strength and resilience of iFinex and its community, who have faced many challenges and controversies in the past, but have always managed to overcome them and grow stronger.