LEO is an exchange token, similar to BNB, launched last month by Bitfinex. Bitfinex has allegedly raised nearly $1 billion in USDT and USD in a private token sale in order to cover $850 million currently frozen in several accounts controlled by the payment processing company Crypto Capital.
One of the most important value capture propositions for LEO is a quasi-claim to Bitfinex’s cash flow via the burning mechanism. Bitfinex burns 27% of the consolidated revenues to purchase LEO tokens at market value until all LEOs are removed from circulation.
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