LEO Token wallet

What is LEO Token (LEO)?

UNUS SED LEO, traded under the ticker LEO, is the utility token of iFinex, the company behind one of the older crypto exchanges. Holding it gives fee discounts and other perks on that platform, and the token was sold to investors in a private sale to cover a shortfall in the company's funds after a payment processor's accounts were frozen.

What makes LEO different from most exchange tokens is the burn schedule. iFinex commits a share of its monthly gross revenue to buying LEO on the open market and destroying it, and has said it will keep doing so until no tokens remain. This changes the total supply, not your balance: the tokens in your address stay exactly as they are, so there is nothing to claim, restake or update on the holder's side.

One thing to check before a transfer. LEO was issued on two chains at once, Ethereum as an ERC-20 and EOS as a native token, and the two versions are swapped through the issuer's platform. On Ethereum, LEO is a plain ERC-20: it sits in a normal Ethereum address, and every send is paid for in ETH, so you need a little ETH in the same wallet before the token can move.

Supported networks in Tangem (1): Ethereum.

Most people who hold LEO hold it for years, either for the exchange perks or simply to wait out the burn schedule, and the key that controls it is rarely used. In Tangem that key is generated inside the card's chip and never leaves it, and the backup is a second card with the same key rather than a seed phrase written on paper. For an asset you touch a few times a year, a wallet that asks nothing of you in between is exactly the point.