On June 17, 2020, Bitfinex announced that it had listed the LEO token on BTSE, a leading FinTech exchange. The move is expected to increase inter-exchange settlement functionality on both exchanges while substantially growing the reach of Bitfinex’s native token.
LEO, launched by Bitfinex in Jun. 2019 allows the token holders to convert digital assets on the exchange effortlessly and then use them as a bridge for ETH and EOS protocols.
Paolo Ardoino, CTO of Bitfinex, sees this cross-listing as something progressive for both LEO and BTSE. He stated:
“The cross-listing on the BTSE platform furthers the advance of LEO, making it available to the financial technology exchange’s user base.”
Bitfinex and BTSE both joined the Liquid Network in 2018 and have been actively promoting the concept of inter-exchange cooperation in a bid to avert network congestion and enhance usability for traders.
BTSE and LEO to Give Traders Numerous Utilities
BTSE, which is the first token running on Liquid, is intended to boost the user experience within the BTSE network.
The token’s addition to Bitfinex delivers the numerous advantages of faster inter-exchange settlements to users on both platforms while supporting a wide array of professional trading tactics.
For instance, users trading on BTSE or Bitfinex won’t have to endure stringent Know Your Customer (KYC) procedures as both exchanges now share data.
BTSE token holders benefit from lowered trading charges, increased limits, and refunds for certain services, along with a greater referral bonus.
Similarly, LEO token holders enjoy a wide variety of benefits on Bitfinex, including a reduction across all levels of taker fees, lending fee discounts, and up to a 25% crypto withdrawal and deposit fee discount.
Both tokens will now allow enhanced functions on both platforms, ranging from reduced fees to obtaining facilitated services for traders.
Fast Inter-exchange Settlement is Crucial
In a post-COVID-19 reality where fast interexchange settlement is vital, the cross-listing of BTSE and LEO offers numerous benefits to professional investors.
The partnership is geared toward promoting inter-exchange collaboration to prevent network congestion and increase usability for traders.
This will eradicate instances in which increased trading volumes caused by a spike in a digital asset’s value result in an overload and subsequent failure on an exchange’s system.
Such an event happened recently, when Binance exchange recorded high BTC trading volumes on Feb. 17, 2020, while the price of the coin was rising, with the sudden surge in active users causing catastrophic failures on the exchange’s system.