UNUS SED LEO (LEO) is a new token designed to extend the capabilities of all platform users and services to iFinex, the parent company of Bitfinex. Such a decision should help to cope with the crisis that arose after the accusations against the trading platform about the illegal use of Tether cryptocurrency cash.
With UNUS SED LEO, Bitfinex plans to fill its own budget. As a result of the initial exchange, $ 1 billion was collected.
IFinex has a budget deficit of $ 850 million. Therefore, every month coins are redeemed in the amount of 27% of the profits in order to close the resulting hole in the budget. On May 20, 2019, the UNUS SED LEO token was added to Bitfinex, and then to other trading platforms.
Purpose of UNUS SED LEO
As we mentioned earlier, iFinex will buy LEO tokens monthly equivalent to at least 27% of the company’s profit for the previous month. This is an indefinite process, while tokens will be in circulation. Redemption occurs at the current market price.
LEO tokens, which are used to pay commissions, can also be burned. The only platform that cannot destroy coins is Ethfinex, since it launched its own token called NEC in 2017 for the same purposes.
Benefits for owners of UNUS SED LEO tokens
Benefits of owning UNUS SED LEO tokens include:
1) Saving commissions on Bitfinex. All fees for those who hold the token will be reduced by 15% for all pairs of cryptocurrencies.
2) Monthly discounts on Bitfinex. Token holders receive a discount of 0.05% for every 10 thousand USDT in UNUS SED LEO tokens held on the trader’s balance sheet during the previous month. Calculations are made taking into account each day of the month. The maximum discount is 5%.
3)Discount on withdrawal and replenishment of both cryptocurrency and fiat money on the Bitfinex exchange. Holders of more than 50 million UNUS SED LEO will receive a discount of up to 25% on the withdrawal and deposit of cryptocurrencies. Also, customers of the marketplace, who will have tokens in the amount of $ 50 million, will be able to withdraw up to $ 2 million per month without additional fees. In addition, the additional commission will be reduced from 3% to 2% with any withdrawal of more than 2 million USD in fiat monthly.
