Introduction of UNUS SED LEO
UNUS SED LEO, also known as LEO, is a digital token issued by Bitfinex, a cryptocurrency exchange. The name “UNUS SED LEO” comes from the Latin word “unus sed leo”, which means “one or lion”. This phrase reflects the idea that the value of the token comes from the collective power and support of the Bitfinex community. LEO is used as a payment method within the Bitfinex platform. It can be used to pay for trades, shares, and other services on the platform.
One of the main features of LEO is that it is used to fund the Bitfinex platform. When users buy LEO tokens, they are actually donating money to the platform. In return, they get a discount on their business expenses. The LEO Show also offers voting rights on the platform. This allows them to have a say in the direction and development of the Bitfinex platform.
UNUS SED LEO, launched through an initial exchange offering (IEO) in May 2019, is the latest cryptocurrency project from the parent company of the Bitfinex cryptocurrency exchange, iFinex. The token was created after the US government seized the funds of Crypto Capital, the original investor of Bitfinex.
Leo, which is not the first digital currency to be launched throughout iFinex’s checkered history, is a dual-use cryptocurrency that resides on the Ethereum and EOS blockchains. Among the many unique aspects of the project, LEO is one of the few cryptocurrencies with a short life cycle built into its legal framework.
History of UNUS SED LEO
The coin was launched in 2019. A white paper was published in May 2019 by Unus Sed Leo Limited, a British Virgin Islands limited company, established for the purpose of issuing LEO coins. Unus Sed Leo Limited is a subsidiary of iFinex. The LEO token serves as an environmental resource token for their products established by Bitfinex, a cryptocurrency trading system owned by the company iFinex. The coin was issued under an initial exchange offering (IEO) from May 2019 to May 13, 2019.
It was reported that Capital Corporation, a payment processor that holds funds from other exchanges, including QuadrigaCX, (payment processing company iFinex) has. some of its money is held by the government in illegal transfers between Tether Inc and the trading platform Bitfinex. Bitfinex, the first exchange where LEO is widely used, is a subsidiary of iFinex.
iFinex warned that it may not be possible to recover the lost money in its case with the government. To cover the lack of funds, he decided to launch the LEO token and sell it through IEO to get $1 billion, where each LEO token contributes 1 USDT to provide $1 billion during the fundraising period.
After the hack in 2016, Bitfinex reportedly covered losses from the hack by its sister company, Tether Inc, where $850 million was allegedly taken from Tether securities. The New York government said it was an illegal transfer, which should be avoided. iFinex has decided to launch UNUS SED LEO (LEO) tokens on Ethereum Blockchain and EOS Blockchain in order to avoid illegal transfer of charges.
Although tokens are issued on one blockchain, LEO is introduced on two blockchains where 64% seats in Ethereum and 36% in EOS. In the IEO, iFinex successfully raised $1 billion from investors, which will be cleared by fire and redeemed at a market rate of 27% of iFinex’s monthly net profit. In order to maintain the confidence of investors, a dedicated dashboard has been created to fully automate the “buy and burn” process and the current media is immediately available. The first part of the fire system involves only money from business debt. In the next phase, funds from other iFinex products will be used. Mining and burning will continue until 100% of the 1 billion LEO tokens are burned. Moving forward, there will be no LEO signal when the pump is at 100% power.
