About LEO Token

Leo Token Review: Mining Guide, Price & Analysis of the Leo Token Cryptocurrency

There is a utility token designed to power transactions on the iFinex ecosystem. The biggest platform in the iPhone x ecosystem is the Bitfinex exchange. Uses of this exchange enjoy discounts when paying using the Leo token. Bitfinex is one of the best exchanges in terms of trading volume and popularity. Consequently, the Leo token sees excellent success in the market.

However, Leo has some controversy behind it. It operates within an ecosystem that fails to be transparent to users. A lot of questions surround the operations of the ecosystem.

Nonetheless, people are still using the platforms in this ecosystem at a high rate. In a way, the Leo Token is very similar to the Binance Coin launched by Binance. But, the Binance con is vastly outperforming the Leo Token in the markets.

This is simply because the Binance exchange is more popular than the Bitfinex exchange. Binance is the best crypto exchange in terms of trading volume and popularity.

How Leo Token Works

To understand how the Leo token works, we have to look at the exchange that it powers. Bitfinex is one of the biggest crypto exchanges in the world. Bitfinex offers users an environment to liquidate their crypto assets very fast. Additionally, users can trade crypto assets with minimum slippage.

Using the Leo Token to pay transaction fees on the exchange entitles you to a discount. Users receive a 15% discount on taker fees. Further, holders of more than 10,000 receive an additional 10% discount on taker fees.

Further, lenders on the Bitfinex exchange also enjoy a discount. This discount depends on how many Leo tokens a user holds. For every 10,000 Leo tokens, a user receives a 0.05% discount. This is a tremendous economic incentive that is driving users to adopt the Leo token.

However, Bitfinex is a custodial exchange. This means that they keep users’ private keys and hence have control of their assets. Moreover, it means that trading happens off-chain. Therefore, they have to maintain records of transactions. There is validation through mining. Hence, there is no transparency in such systems.

Can Investors Mine Leo Tokens?

No, it is not possible to mine Leo tokens. As mentioned, there is no on-chain validation of transactions. The team behind the Bitfinex exchange maintains transaction records off-chain. Therefore, there is no mining process for this token. This significantly undermines the transparency of the exchange.

This defeats the original vision of cryptocurrencies. Having an exchange control people’s crypto assets is not ideal. Additionally, there is no transparency in this model. Further, the process is slow because transaction verifications happen off-chain.

However, users do enjoy some perks in using such exchanges. For starters, they have ample liquidity and high trading volume. Additionally, you can easily use fiat currencies in transactions.

The Team behind Leo Token

The people behind the Leo token have tons of experience in technology, financial services, and compliance. The leader of this team is the CEO, JL Van Der Velde. He has a background in technology and compliance systems. Previously, he worked for PAG Asia Inc. as the CEO. Additionally, he was the CSO of Tuxia GmbH.

By his side is Giancarlo Devasini. He serves as the CFO of Bitfinex. He is responsible for all financial operations of the company. This includes developing relationships with banks and other key personnel.

Further, the team consists of Paolo Ardoino. He serves as the CTO of Bitfinex. He has a tremendous technological background. Additionally, he serves as the CTO of Tether, which is a company under the iFinex ecosystem. Previously, he played roles such as full-stack developer and being a partner at Fincluster.

These are individuals with immense experience. They are ideal for spearheading a project like Bitfinex. Additionally, there are other team members who are equally experienced.

Tokenomics of Leo Token

The Unus Sed Leo Limited handles the distribution of the Leo token. They are the issuer of this cryptocurrency. The company distributed the total supply of Leo tokens during its ICO. There is no mining or airdrops.

Further, the company performs a buyback and burn process. This ensures the coin’s value remains high. Lowering the supply leads to an increase in prices. The company plans to repurchase and burn 27% of the total coins until there are no coins in existence.

Additionally, the company plans to burn funds recovered from Crypto Capital. They lost these funds during an investigation of Crypto Capital. The investigation led to the seizure of crypto tokens equivalent to $850 million.

Privacy and Security

The Bitfinex team assures users that privacy and security are priorities on the Bifinex exchange. They claim to continually improve end-to-end security every now and then. Additionally, they claim to regularly audit the system to ensure there are no entry points.

However, they refrain from giving many details about the security measures they use on the platform. They claim this is for security and proprietary reasons.

Unfortunately, Bitfinex suffered a hack in 2016. This hack led to Bitfinex losing 119,756 BTC. This is a massive hit to this exchange’s reputation. There is no compromise to security. This is one of the reasons users shy from using this crypto exchange.

The Bitfinex team assures users they recovered the lost assets in a record eight months. Still, this is a worrying issue. Another cause of concern is the fact that Bitfinex is not a regulated entity.

Our Take on the Leo Token

The Leo Token is very crucial to the iFinex ecosystem. Holders of this coin get to enjoy discounts on the Bitfinex exchange. Additionally, this token makes transactions much smoother. Further, this coin has excellent value and can earn holders profits in the market.

However, the people behind this ecosystem are not transparent in their operations. They operate an exchange that does not have on-chain validation. Additionally, the ICO of the Leo Token has some controversies. The release’s goal was to help the company recover the assets lost in the Crypto Capital fiasco. However, they released more coins than needed.

Advantages

• The Bitfinex exchange has excellent liquidity.
• Bitfinex has a large trading volume.
• Bitfinex allows the use of fiat in transactions.

Disadvantages

• Previous security issues are a cause for concern.
• Bitfinex is not regulated.
• Lack of transparency in the ecosystem.

How to Buy Leo Tokens

If you wish to add this cryptocurrency to your portfolio, then go ahead and buy it. Several exchanges support the trade of Leo Tokens. These include Bitfinex, Gate.io, OKEx, and FTX. The price of one Leo Token stands at $1.36 at the time of writing this.

You can choose to hold this coin and sell it at a later date. You will need a wallet to do that. One of the best wallets to use is the Lumi Wallet.

Final Verdict

The Leo Token has many benefits. Holding this coin comes with great perks. You get to enjoy discounts on one of the biggest crypto exchanges in the world. Additionally, the coin can fetch you great profits in the markets.

However, many controversies surround this crypto token. These controversies range from lack of transparency to security breaches.

Nonetheless, this coin has excellent volume in the market. It is a great asset to hold and sell at a later date. Moreover, it shows a steady rise in value over time.