Unus Sed Leo (LEO) From Bitfinex: The New Comer That Landed Top 13 Instantly
Everyday, I always peep into the coin rankings to check the status of my holdings. I kinda memorized all coins in the top 50 so I would definitely know which one is the new comer on the list. I was surprised to see this new coin that was listed and it even landed on the top 13! Surpassing the grandest entrance of Tron's BitTorrent which landed #34 that time. Sweet!
Source of image used for this cover
So here it goes and let's check this new comer now.
Unus Sed Leo (LEO) - LEO Token:
screenshot from coinmarketcap
A whooping $1.85 Billion was capitalized by filthy rich investors into this not so popular cryptocurrency. I have checked its website and it routed me to the Bitfinex exchanger. If it is Bitfinex then no question about it since it has been long overdue that this exchanger doesn't have its platform token unlike Binance, Huobi and Kucoin.
It is amazing that once the investors put $1.85 Billion to this digital asset, the price was still stable @ $1.80. It is said to be the starting point of every platform tokens @ $1.00.
This promising coin dwells in the Etherium Network so it would need an ERC20 Ready wallet to store your LEO. With a total supply of 1-Billion units, definitely we will not run out of this token. LEO is currently being traded in Bitfinex, Gate.io, BW.com, OKEx, ZB.com, Switcheo Network. All major exchangers fixed its pairing mostly into USD. At the time of writing this post, the value of LEO in USD is now $1.86, To check its recent price, see the CoinGecko listing now.
Do not be misled by checking LEO to LEOcoin. Unus Sed Leo (LEO) is the same as LEO Token on CoinGecko.
More about Bitfinex as its platform developer:
Bitfinex is a global cryptocurrency exchanger founded Year 2012 in HongKong. It has been long well-known during the time I started trading with Bittrex, Poloniex, LiveCoin, and Binance. Just even before Kucoin and Huobi also got popular, this exchanger is already aligned with all those enumerated exchangers.
Bitfinex's latest tweet is about their system upgrade that would last up to 7 hours. Check it here.
Follow their Social Media Links
Twitter @Bitfinex | FaceBook | Youtube
Bitfinex's Margin trading allows up to 3.3x leverage trading by providing traders with access to the peer-to-peer funding market.
To check their website, please visit: https://www.bitfinex.com/
More about LEO Token Burn and Bitfinex's Start To Buy Back
This move is a part of their token redemption process and this Transparency Initiative will let the public view iFinex (the exchanger's owner) to use its gross income to purchase the circulating LEO Tokens with current market values. These coins will then be burned and iFinex pays back the token holders who bought them in a $1-Billion sale last month.
Bitfinex covers the $850 Million shortfall. It was presumed by the Attorney General from New York that Bitfinex had kept the lost millions a secret and just announced it as a loan from Tether Ltd.
Last Friday 10:00 UTC the burning went live and it will continue every 3 hours until 100% of supply has been taken out of circulation.
As the LEO buyback progresses, Bitfinex announced that it will be transparent to let the public view the real-time insights via a dedicated dashboard.
“We have decided upon a continuous burning mechanism – verifiable and in real-time – to keep the process as fair as possible for our users. As our revenues flow in continuously, we felt that the fairest approach to token buybacks would be one built around continuous and constant redemptions. We are doing this to remove the possibility of uncertainty from LEO holders, subsequently allowing our community to track iFinex revenues, as well as LEO token burn quantities, in an open manner.”
Bitfinex
Statement source
The first phase of the burn only includes the income that was generated from trading fees. In the coming weeks the next phase will include all revenue streams that the exchanger will generate.
Bitfinex defended from the Attorney General from New York that the $850 Million funds had in fact been locked up on a payments platform called Crypto Capital.
They firm stated that any funds recovered or acquired from Crypto Capital will be used to buy and burn LEO Tokens and this will cover the net funds that was hacked from them last Aug 2016 worth $80 Million at that time.
Conclusion:
The Market cap of $1.8 Billion, the grand entrance that landed #13 spot on the coin listing, the affordable introductory price of $1.90 as a platform token for Bitfinex, the transparency and the taken responsibility it has executed to resolve the $850 Million shortage plus the $80 Million amount that was hacked last August 2016, these are all great factors to consider in buying LEO Tokens as investment. Very promising indeed.
Since there would be a coin burning every 3 hours then it only means that the price of this token may pump anytime as people are now more confident in seeing that exchangers that went through the inevitable rough journey is making up to all its investors before.
Disclaimer:
I am not a financial adviser and do not treat me as such. This is just my own opinion and not necessarily based on experience since this is the first time I took an in-depth research on Bitfinex even though I have been hearing all about it when I was actively trading on Bittrex last 2016.
Thank you so much for dropping by and reading my write-up regarding this surprising token. Follow me for more in-depth discussion on the latest cryptocurrencies that rocks the market.
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This was originally shared on publish0x and I am still the author of that post.
Featured by publish0x on their home page as the top post. Glad to share it to my fellow steemians that I am being acknowledged there even though I am not really popular here on Steemit. But anyway, thank you.
