LEO starts trading on Bitfinex: What is LEO? What's its price?

20 May, 2019
by Will Heasman
Update
LEO starts trading on Bitfinex: What is LEO? What's its price?

Bitfinex’s latest exchange token, LEO, has officially started trading today, paired against BTC, USD, USDT, EOS, and ETH. With trading open Chepicap looks at the community reaction to LEO as well as it’s starting market price and volume…

What is LEO?

Much like Binance’s Binance Coin (BNB) LEO or UNUS SED LEO to give its full name will work as an exchange utility token, designed to be used for a verity of activates upon Bitfinex include fees reduction for trading, lending deposits, and withdrawals.  

What is LEO trading at?

currently, LEO is trading at a price of $1.04 down -16.8% within the last 24 hours from a high of $1.25. The token cites a 24-hour trading volume of $1,115,167 USD.

Why LEO?

The creation of LEO, along with its hefty token sale, was drummed up in order to negate its frequent banking issues, as well as to cover its recent loss of $850 million dollars.  

The controversy around this arose after Bitfinex dipped into is USDT stabilizing cash reserves in order to regain what they dub as “temporary” losses of $850 million which, according to the firm, is currently frozen within a Panama based account.

This was followed by an investigation by the New York Attorney General’s office (NYAG) who accused Bitfinex of defrauding investors; allegations which Bitfinex have denied.

Interestingly, Bitfinex has pledged to use up to 95% of funds recovered from the lost $850 million, to buy back LEO tokens from the market.

Bitfinex dropped the LEO whitepaper earlier this month, alongside reports that it was looking to raise approximately $1 billion in the token sale. Bitfinex CTO Paolo Ardoino noted that the $1 billion ale successfully closed later in the month, with investments ranging from $1 million to $100 million.

“The overwhelming response and expedient execution of the token sale represents a new milestone for Bitfinex and the greater Blockchain community,” An exchange statement read.

The community reacts:

The overarching reaction from the community appears to be that only Know Your Customer (KYC) verified accounts can trade LEO, with many relaying error messages when trying to trade:

One user noted the lack of price action since the launch of trading, citing both the aforementioned KYC complication and a distain from retail investors towards Bitfinex:

What do you think about the LEO token? Will you look to invest or avoid?

Let us know your thoughts in the comments!

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