I’d like to post a series of articles under the name of “Crypto Classic”. It’s more like educating myself. But it could be helpful for some community members too.
LEO (LEO Token) is a cryptocurrency that is associated with the Bitfinex exchange. Bitfinex is one of the largest cryptocurrency exchanges in the world, and LEO was launched by its parent company, iFinex Inc., in May 2019.
LEO is an ERC-20 token based on the Ethereum blockchain. It was primarily created to provide utility and various benefits within the Bitfinex ecosystem. LEO holders can use the token to pay for trading fees on the Bitfinex platform at a discounted rate. Additionally, LEO token holders can access other services and features on Bitfinex, such as reduced withdrawal fees, enhanced customer support, and potential fee discounts on future products and services.
LEO tokens were initially distributed through a private sale to select investors and Bitfinex users. The token’s supply is limited, and the Bitfinex platform periodically repurchases and burns LEO tokens, reducing the overall supply in circulation.
It’s important to note that while LEO is associated with Bitfinex, it is an independent cryptocurrency and can be traded on other exchanges that support its listing. As with any investment, it is recommended to conduct thorough research and exercise caution when dealing with cryptocurrencies.