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What is UNUS SED LEO (LEO Token)?

UNUS SED LEO (LEO) token was launched in May 2019. LEO is the utility token for Bitfinex and other iFinex trading platforms. LEO has been created with the iFinex and crypto community at heart. LEO presents a sizeable opportunity for existing iFinex users and those who wish to use iFinex’s platforms and services.

What is iFinex?

iFinex Inc. (iFinex), a privately-held financial technology company incorporated in the British Virgin Islands, operates virtual currency trading platforms under the business name Bitfinex, and provides numerous other cryptocurrency and cryptoasset-related products and services. iFinex started its operations in 2012, making Bitfinex one of the longest-standing exchanges in the industry. Since then iFinex, through its trading platforms, has become one of the best-known and recognized companies in the cryptocurrency space.

iFinex is also the parent company of Tether limited. Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies digitally. Tether works to disrupt the conventional financial system via a more modern approach to money.

What are the current projects of iFinex?

Bitfinex

Founded in 2012, Bitfinex is a cryptocurrency trading platform providing advanced services for digital currency traders and liquidity providers. Bitfinex is one of the world’s most advanced cryptocurrency trading platforms, and one of the largest exchanges by volume for trading Bitcoin against the U.S. dollar.

In addition to a suite of advanced trading features and charting tool, Bitfinex provides access to peer-to-peer (P2P) financing, an OTC market and margin trading for a wide selection of digital assets and derivatives trading. Bitfinex’s strategy focuses on delivering the best crypto trading experience for professional traders and liquidity providers around the world through the delivery of cutting-edge technology.

Ethfinex Trustless

Ethfinex Trustless was the first product developed and launched using on-chain settlement and enabling self-custodial trading, whilst at the same time directly linking into the Bitfinex order-books. With Ethfinex Trustless there are no signups, no deposit or withdrawal delays and no sacrificing custody of users' tokens. Users retain full control of their funds throughout the entirety of the trading experience whilst executing trades against a highly liquid off-chain order book to ensure an entirely seamless trading experience.

Nectar

Nectar (NEC) was one of the first examples of an exchange native token. It was created as part of Ethfinex’s path to decentralisation, providing those that contribute to the platform with a proportional stake in the long-term success of the exchange.

What are the core features Bitfinex?

Exchange Trading

At the heart of Bitfinex are central limit order books for the spot trade of digital tokens. Users can deposit, trade, and withdraw digital tokens.

Margin Trading

Bitfinex allows qualified users to trade with up to 10x leverage, receiving financing with the help of our margin funding and peer-to-peer financing platform. When opening a financing position, users can manually enter a funding order to receive the desired amount of financing, at the rate and duration of their choice. Alternatively, users can open a financed trading position and Bitfinex will automatically link them with peer-to-peer financing at the current prevailing rate.

Margin Funding

The P2P financing market provides users with a way to earn interest on their digital assets through lending out their funds to other users who want to trade with leverage. Margin funding allows you to earn returns on your funds without the risk associated with trading. If you prefer a low-risk investment strategy then Margin Funding is for you. To learn more, read our Introduction to Margin Funding.

Over The Counter Market (OTC)

Bitfinex offers a private OTC Market as an avenue for traders seeking to perform large trades directly with a counterparty, bypassing the public order books. Trades performed via the OTC Market provide access to large liquidity without affecting the exchange market price.

Derivatives

Bitfinex verified users (intermediate level and above) can use the Derivatives Trading feature provided by iFinex Financial Technologies Limited. The maximum leverage for derivatives trading is 100x. The leverage will determine the amount of allocated collateral.

Paper Trading - test, learn and simulate trading strategies

You can also use the Paper Trading function to test and experiment in a simulated market. Test tokens are used therefore no real deposits will be required, the tokens do not represent any value and cannot be withdrawn. 

The history of iFinex (Bitfinex)

In August 2016, Bitfinex announced it had suffered a major security breach. Immediately thereafter, Bitcoin's trading price plunged by 20%. After learning of the breach, Bitfinex halted all Bitcoin withdrawals and trading. In that hack, the second-biggest breach of a Bitcoin exchange platform, 119,756 units of Bitcoin, worth about $72 million at the time, were stolen. The Bitcoin was taken from users' segregated wallets and Bitfinex said it was tracking down the hack. 

In 2018 iFinex was made aware it's payment processor, Crypto Capital, was subject to a partial government seizure of its funds. While efforts are being made, there is no certainty that Bitfinex will be able to recover the funds. To alleviate the cash shortfall, BitFinex announced it would conduct a private offering for $1 billion for it's token Unus Sed Leo.

The token will be used to receive discounts on trading on current and future iFinex trading platforms and services. iFinex will buy back tokens from the market with a minimum of 27% of consolidated revenues from the previous month until all tokens are removed from circulation. In addition, an amount equal to 95% of the recovered net funds from Crypto Capital and 80% of recovered funds from a 2016 hack will be used to repurchase outstanding tokens.