BTSE and Bitfinex announce token cross-listing to enable high-speed, inter-exchange settlement for traders
Financial technology exchange BTSE and digital asset trading platform Bitfinex have announced a cross-listing of the BTSE and UNUS SED LEO utility tokens in a move that will increase inter-exchange settlement functionalities on both platforms.
UNUS SED LEO exists on the ethereum and EOS blockchains, enabling token holders to convert between ethereum and EOS using Bitfinex as a bridge between the two protocols.
As the first exchange token running on Liquid, the BTSE token is carefully designed to augment the user experience on the exchange and within the BTSE ecosystem. Its addition to the Bitfinex platform provides the exchange’s growing user base with all the benefits of faster inter-exchange settlement, supporting a variety of professional trading strategies.
“Exchange tokens like Bitfinex’s UNUS SED LEO provide a lot of utility for traders and we are happy to be bringing additional accessibility to it as users can now buy, sell and trade LEO with a large selection of fiat currencies, crypto assets and stablecoins through our All-In-One Order Book,” says Jonathan Leong, CEO of BTSE.
“LEO is quietly growing in strength as a major cryptocurrency and valuable source of liquidity on the Bitfinex platform,” said Paolo Ardoino, CTO at Bitfinex. “The cross-listing on the BTSE platform furthers the advance of LEO, making it available to the financial technology exchange’s user base. We are also happy to make the BTSE token available on the Bitfinex platform.”
BTSE token benefits include reduced trading fees, increased limits and rebates for selected services, a higher referral bonus and low debit and credit card fees.
LEO token holders enjoy a variety of benefits on the Bitfinex exchange, such as a reduction across all levels of taker fees, lending fee discounts and up to a 25 per cent crypto withdrawal and deposit fee discount.
This year, geopolitical factors including a plummeting oil price saw cryptocurrencies across global financial markets suffer. LEO has, however, demonstrated extraordinary resistance and was barely affected by the downturn.
Both Bitfinex and BTSE joined the Liquid Network as launch partners in 2018 and have been outspoken about promoting inter-exchange collaboration in an effort to prevent network congestion and increase usability for traders.