The platform of Bitfinex intends to buy the LEO coin that it has put forward earlier and
The process of buying and burning the new LEO currency is part of the Transparency Initiative and gaining the trust of users announced by the Bitfinex platform.
The official statement of the company issued yesterday, the beginning of the process of recovering the symbols of LEO by allocating the monthly revenue to buy the token at the market price and burn it
The parent company iFinex, which manages both the Bitfinex platform and the Tether, appears to have launched the sale and launch of LEO to cover a $ 850 million deficit recorded by the New York attorney general last April,
As for the purchase and burning process, it started yesterday at 10 am UTC and the collected codes are to be burned every 3 hours.
Bitfinex has dedicated a site to follow the collection and burning of LEO currency to view it from the link .
The company’s statement also stated that the mechanism of burning LEO coins continues with keeping the process in front of everyone and the process of return will continue and reassure our investors with more LEO currency.
The company also clarified that any funds recovered from Crypto Capital would be used to purchase and burn LEO.
Many platforms follow the Bitfinex approach (such as the Binance platform) burning mechanism to increase the value of their currency and make it more rare.
Please note, that is not a bit of financial advice, nor the WhaleToBe team’s view