What Is UNUS SED LEO and How to Buy It?
What is UNUS SED LEO?
UNUS SED LEO is a utility token that was launched in 2019 by iFinex, the parent company of the Bitfinex broker and the Ethfinex and Tether platforms, and is used on the company's systems. LEO was launched publicly after a private sale that raised $1 billion and quickly fell in favor of the market, as one of the 15 largest digital currencies in the world.It all started when the stablecoin USDT and its publisher, iFinex Ltd., faced legal difficulties in 2019. After it turned out that iFinex had misused Tether funds to cover financial bottlenecks, a lawsuit against the company was filed. A hack in the past, in which 120,000 BTC were stolen, and legal problems with Crypto Capital platform have also caused serious financial concerns for Bitfinex. To alleviate this cash deficit, Bitfinex decided to conduct an ICO in May 2019 to issue its own exchange token called UNUS SED LEO. Its functionality has similarities with BNB and brings many advantages to the Bitfinex Exchange.
How does UNUS SED LEO work?
When it comes to the things that Bitfinex wants to solve with LEO, the primary aim is strengthening the Bitfinex community and benefiting from the advantages of processing transactions in the Bitfinex ecosystem. In fact, LEO coin offers its issuer more control and many options for the successful operation of its exchange. Its users can certainly benefit from faster and cheaper transactions.Another goal of the project is to provide advantages to users of the Bitfinex exchange and the infrastructure built around it. This includes preferential tariffs for performing trading operations on the site and participating in exchange placements. When working with currency pairs that include LEO token, the commission is reduced by 25%. You can also use LEO coin to buy the required level in the loyalty program for a month and trade any currency with reduced exchange fees. In the Bitfinex credit service, customers are able to receive a discount of 0.05% of the commission for every 10,000 LEO on their account. LEO tokens that were deposited from the beginning to the end of the previous month are taken into account. The maximum discount can be no more than 5%. Users can also receive a reduced commission for withdrawing money from the account if the withdrawal is made in LEO. Large customers who have more than 50 million in LEO in their accounts are able to withdraw money without commission. At first glance, the new cryptocurrency for Bitfinex has the potential to become what Binance Coin is now for the Binance exchange.
Advantages and disadvantages of UNUS SED LEO
+ UNUS SED LEO coin has occupied a place among the most successful cryptocurrencies. This has been achieved while using two different blockchains which represent an important innovation, being its tokens housed in the chain of EOS and Ethereum at the same time. This way, the users enjoy greater flexibility, being able to convert their LEO tokens to either of the two blockchains, using Bitfinex as a bridge between the two and stimulating interoperability between cryptocurrencies.
- A weak point of UNUS SED LEO is the still battered reputation of the company. After numerous speculations of Tether manipulation by the exchange, it is normal for the crypto community to think twice about trusting the company. The scandal surrounding the unannounced misuse of USDT reserves to improve their own balance sheet has not only angered many Bitfinex users. If you are interested in buying UNUS SED LEO tokens, you should definitely keep abreast of further developments around the Bitfinex procedure in order to make a corresponding trading decision at the right time.
- Another question is how the success of the crypto exchange Bitfinex will continue in the near future compared to other popular exchanges like Binance. The competition appears twofold: Bitfinex and Binance are certainly fighting for passionate crypto traders, and BNB and LEO are competing for the favor of crypto investors, who may prefer one token over the other. The better Binance and BNB perform, the worse this will tend to affect Bitfinex and LEO.
Where to buy LEO
Quite obviously, Leo is available on Bitfinex, so most exchanges take place there. You can also trade LEO on other exchanges, such as OKEx, DragonEX, and FTX. The cryptocurrency is typically exchanged with USDT, ETH, and BTC, with less popular pairs like UQC, KRW, USDK, and EOS. You can also get LEO on the SwapSpace cryptocurrency exchange aggregator, which is a quick and easy way to obtain the required amount of LEO.
How to exchange LEO on SwapSpace?
- On SwapSpace homepage, select LEO in “You send” section and the cryptocurrency you would like to receive in “You get” section. Enter the amount of LEO you want to exchange.
- Choose the instant exchange service that suits you most.
- Specify the recipient address and check if all the data is correct.
- Send your LEO coins to the address you will see on the screen.
- Wait until the exchange is complete.
Where to store LEO
As for keeping LEO, it is quite easy and possible, thanks to its ERC-20 token status. The cryptocurrency is supported by multiple digital wallets that accept tokens of this type, both mobile and hardware. Among LEO wallets there are MyEtherWallet, Jaxx, Ledger, and Trezor.