Bitfinex launches LEO on both EOS and Ethereum

22 May, 2019
by David Robb
Exchange
Bitfinex launches LEO on both EOS and Ethereum

Bitfinex has announced that its newly-launched utility token will be a dual-protocol token. Unus Sed Leo (LEO) is now supported by both the Ethereum and EOS networks.

Following a successful token sale that raised around $1 billion a few weeks ago, trading of LEO went live on Bitfinex on May 20. The crypto is designed to function in a similar way to Binance Coin on the Binance exchange, with use cases mostly specific to the trading platforms operated by the Bitfinex company iFinex. Bitfinex also recently announced the launch of its own IEO platform, Tokinex, which will function in a similar way to Binance Launchpad.

According to a Medium post, a dual-protocol launch for Unus Sed Leo will improve its flexibility and ease of use, as well as interoperability between blockchains. It should also make it better for supporting the decentralized exchange eco-system, which includes Bitfinex offshoots ETHfinex and EOSfinex. LEO will also soon be supported by the Blockstream Liquid Network.

In the near future, further developments on LEO will include "the deployment of outlined token fee benefits (coming next week), as well as the use of the profit burn mechanism (to start as of next month)". 

Bitfinex has faced some controversy recently due to claims that it attempted to cover a debt by dipping into its USD reserves that are meant to back stablecoin Tether (USDT), the crypto market's leading fiat-pegged crypto. The issue came to the attention of the New York Attorney General's office, and the case is ongoing.

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