What Is Leo Token (LEO) How It Works & Where To Buy It?

UNUS SED LEO or LEO token is the native exchange token of Bitfinex exchange. LEO tokens are the utility token of the exchange, and LEO holders receive trading discounts and other benefits on the Bitfinex exchange.

Bitifinex exchange is also commonly known for its role in minting, redeeming, and controlling USDT.

The LEO token has quickly risen in popularity and has grown to become the 4th largest exchange token by market cap. The LEO price is currently around $6 million with a daily trading volume exceeding $6 million.

 

How Leo Token (LEO) Works

The LEO token was launched by Bitfinex exchange in 2019, and it was aimed to incentivize holders with trading discounts and many more benefits as the exchange grew.

LEO tokens can be compared to other exchange tokens such as CRO or BNB which are the utility tokens of crypto.com and Binance respectively.

The utility of LEO is almost identical to those of the other popular exchange tokens. The benefit of holding LEO tokens is that as the Bitfinex exchange grows, the adoption of LEO tokens increases – this typically appreciates the price of the exchange token.

Bitfinex Exchange is currently one of the largest trading platforms in the world and has a daily trading volume of over $500M.

Bitfinex is a Hong Kong-based exchange that is very popular among users in the Asia region. It is one of the most trusted and credible cryptocurrency exchanges and its parent company, Ifinex, has reported more than $400M in annual profit in recent reports.

One of the biggest value proponents of the LEO token is the agreement by Bitfinix to token burns – the gradual decrease in token supply to drive up the scarcity and sequentially drive up the value of a token.

 

What Is LEO Token (LEO) Used For?

Any user holding the LEO token can receive trading discounts on the Bitfinex exchange. This is the main utility of the LEO token and has attracted users to purchase the token.

Additionally, a portion of the Bitifinex taker fees is used to purchase LEO tokens that are burned – similar to how Binance spends a portion of its profits to buy back BNB tokens that are burned.

Another use for LEO tokens is that they are traded to make a profit, much like how most cryptocurrencies are utilized. The volatility of the LEO price makes it advantageous to trade or hold for a duration, to maximize profitability.

On the Bitifinex exchange users can choose various trade pairs – for example, BTC/USDT or they can choose a trading pair that includes the LEO token. Eg LEO/BTC is the most common trading pair for the LEO token.

Bitfinex also added various ways for LEO token holders to earn yields from their tokens, including staking their tokens for a duration.

Where To Buy Leo Token (LEO)

Leo token (LEO) has quickly grown to become one of the most traded tokens on the market. It is also the 4th largest exchange token in the world by market capitalization. The best place to buy is on Bitfinex.

LEO tokens are commonly available and frequently traded on some other centralized crypto exchanges. Before you’re able to purchase LEO, you’ll need to deposit fiat money onto an exchange, and sequentially LEO tokens will be credited to your LEO digital wallet on the exchange.

The crypto exchanges below are the safest place where you can buy, sell and store LEO tokens.

Other exchanges where you can buy LEO:

1. Binance (US Customers use Binance.US)
2. Gate.io
3. KuCoin

All of the above exchanges allow users to buy, sell, transfer and store LEO tokens in a digital wallet on the exchange. Using your debit or credit card, you can purchase LEO tokens on certain centralized exchanges.

FAQs About Leo Token (LEO)

How long has Leo Token (LEO) existed?

The LEO token was released in 2019 after Bitfinex raised $1 billion in its presale. Since then, the Leo token has amassed a current market cap of more than $5 billion – with a current price of $5.80.

Since its launch, it has garnered attention and investment, growing to become the 4th largest exchange token by market cap.

What’s controversial about LEO Token (LEO)?

When researching various exchange tokens, it’s important to consider the controversies surrounding them. LEO, like other exchange tokens, has been subject to controversies.

Let’s take a look at the top two controversies surrounding LEO Token (LEO):

• Bitfinex has been hacked – Bitfinex was the victim of one of the largest hacks in history. The hack was around $850 million and sent shockwaves through the crypto world. The hackers have since been apprehended for conspiring to sell more than 119,000 bitcoins stolen from the Bitfinex exchange.

  Hacks of this magnitude often raise many concerns among users of the exchange and exchange token holders (LEO holders) who are usually on the negative receiving end after such events.

• Manipulation of Bitcoin by using USDT – Bitfinex established the world’s largest stablecoin, USDT. It has since been slammed in the media for using USDT to manipulate the price of Bitcoin during the early 2021 period.

  The company has been subject to investigations based on the allegations made against it. This has become a hot topic in the crypto space, with many individuals speculating that the transparency of USDT and Bitfinex is all too questionable.

  Users are always encouraged to search coins histories, company histories, and founder histories – adequate research helps avoid losses when investing in crypto projects.

How many LEO tokens are there?

At the time of writing, LEO has a circulating supply of 953,954,130.00 LEO tokens.

The total supply of LEO is 985,239,504.

Can LEO be mined?

LEO Token (LEO) is not a mineable cryptocurrency. LEO is an exchange token, and although it’s an ERC20 token, it is unmineable.

LEO tokens were created and distributed to early investors – all these processes were facilitated by the Bitfinex group. As such, the exchanges regulation of LEO tokens is subject to Bitfinex and its parent group, Ifinex.

Exchange tokens are generally unmineable; this is to ensure the integrity and transparency that exchanges need to uphold regarding token supply and trading volume.

Exchange tokens are used to reduce users’ trading fees on a cryptocurrency exchange.

What is the market cap of LEO Token (LEO)?

Leo Token (LEO) market cap = total amount of coins in circulation x current market price of LEO

LEO Token (LEO) Market Cap = 953,954,130.00 LEO x $5,79 = $5,52 billion (28th largest market cap).

Most exchange tokens’ price values are correlative to the growth and evident success of their exchange. The success of the Bitfinex exchange has had a positive price effect on the LEO token, as well the burning of LEO tokens (supply reduction) which has also contributed positively to price appreciation.

The market cap fluctuates according to circulating supply and market price.

 

Biggest Competitors Of LEO Token (LEO)

The biggest competitors to the LEO exchange are the likes of Binance, HTX, and Crypto.com.

All of the above mentioned centralized crypto exchanges have amassed major support from institutional investors and have millions of daily users. Their dominance in the crypto space makes them significant competitors to the Bitfinex exchange, and sequentially, the LEO token.

Every centralized exchange aims to take the top spot but the requirements for the top spot make it tough to achieve. Bitfinex, along with several other centralized exchanges, is working hard to become the biggest exchange in the crypto space.

To obtain the #1 spot requires innovation and utility that attracts users to your platform over other platforms. Currently, Binance is the biggest centralized exchange in the world.

When considering the native exchange token of Bitifinex, the LEO token, the major competitors are CRO, BNB, and FTT.

 

What Are The Future Plans For Bitfinex Exchange And LEO Token?

The Bitifinex exchange continues to attract more users to its platform and with the substantial growth of the platform, the LEO token is likely to grow in popularity too.

Ifinex, the parent company of Bitfinex exchange, also owns other crypto platforms such as EOSfinex which have also been growing in popularity. The growth of the parent company is usually indicative of its subsidiaries’ future growth.

LEO token continues to grow its amount of users and holders, and this expansion will likely lead to it moving up the ranks of the top exchange tokens.

Pros And Cons Of Bitfinex Exchange And LEO Token

Pros:

• Bitfinex is extremely influential – Bitfinex is among the most notable companies in the crypto space, especially as it controls USDT. The influence of the company continues to have positive impacts on tokens it releases, such as the LEO token.
• 4th largest exchange token – The LEO token has grown rapidly to become among the most formidable exchange tokens on the market. Its current market cap makes it the 4th largest exchange token, behind BNB, CRO, and FTT.

Cons:

• Market manipulation – It’s important to consider the controversy that the Bitfinex exchange has been surrounded by. The market manipulation accusations tarnish the platform’s reputation and could affect the growth of the platform and the LEO token.

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