UNUS SED LEO (LEO) is a cryptocurrency token and utility token created by iFinex Inc., the parent company of Bitfinex, a leading cryptocurrency exchange.
LEO was launched in May 2019 as a response to the controversy surrounding Bitfinex’s alleged loss of $850 million of customer funds and the subsequent accusations of covering up the loss with funds from Tether, a stablecoin also operated by iFinex.
LEO is designed to be a stable, transparent, and trustworthy token that is backed by the resources and assets of iFinex. The company claimed to have raised $1 billion through the initial coin offering (ICO) of LEO tokens, which was conducted privately among its existing customers and other select investors. The funds raised from the ICO were used to cover the alleged loss of customer funds and pay back the debt to Tether.
LEO is now used as a medium of exchange on Bitfinex and its affiliated platforms, as well as collateral for margin trading and as a form of payment for platform fees. LEO tokens also offer holders various benefits, such as reduced trading fees, faster withdrawals, and access to exclusive trading tools and products.