LEO Token Explained
Introduction to LEO Token
What problem does LEO Token solve?
Name: LEO Token
The introduction of the first cryptocurrency, Bitcoin in 2009, heralded dawn of a new era.
Since then the world of digital currencies has garnered a tremendous amount of attention and
has provided numerous alternatives to fiat currencies. Owing to this, a lot of cryptocurrency exchanges
started to provide incentives to their users in order to maintain their popularity. Bitfinex, a
much-known cryptocurrency exchange, launched its own loyalty-building token by the name of LEO which is
mainly used for discounts on Bitfinex’s platform.
LEO Token is a proprietary exchange token offered
by Bitfinex. It was released in an Initial Coin Offering held by the exchange company.
The purpose of this and many other similar platform-based tokens is just to provide an
additional incentive to the users by offering them discounts on trading fees if they use
the token for their transactions on the exchange platform (CryptoCompare, 2019).
Coinsider: Everything You Need to Know About Bitfinex's IEO - $LEO
What is LEO Token
What does the cryptocurrency LEO Token actually do?
The actual product is a loyalty-building token that can be used within the iFinex ecosystem. The token is based on the Ethereum blockchain and it benefits users across the entire iFinex portfolio. The use of the product will allow its users to redeem discounts on their transactions (Coinpaprika, 2019).
Who is behind LEO Token
What team is working to make LEO Token successful?
Keyword: cryptocurrency exchange
Keyword: bitcoin exchange
The founding company of LEO Token is Bitfinex, a reputable cryptocurrency exchange platform that has made a name for itself in the tech community. Bitfinex is owned by theiFinex Corporation which also controls different platforms like Ethfinex, EOSfinex, and other products. The token was released in May 2019 and is being aimed at being a “utility token at the heart of the iFinex ecosystem” (Peaster, 2019).
The team behind the LEO token (LEO) is mainly the development team appointed by the iFinex Corporation. They are experts of blockchain technology hailing from different countries.