LEO Token(LEO)

Overview

LEO Token (LEO) is a utility token issued in May 2019 by the cryptocurrency exchange Bitfinex and its parent company iFinex. It was created through a roughly $1 billion private sale intended to cover shortfalls tied to the 2016 Bitfinex hack and the seizure of funds held by payment processor Crypto Capital, with a total supply of 1 billion tokens.

LEO exists on two blockchains, as an ERC-20 token on Ethereum and on the EOS network. Holders receive benefits scaled to their holdings, including reduced trading fees, lower withdrawal fees, and discounts on lending fees at Bitfinex. Under the terms of its white paper, iFinex commits a portion of monthly revenues to buying back and burning LEO, so the circulating supply has gradually declined over time.