Two of the leading cryptocurrency exchanges Bitfinex and BTSE have collaborated on the cross-listing of the BTSE and UNES SED LEO utility tokens.
The move will increase inter-exchange settlement functionality on both platforms while expanding the reach of Bitfinex’s native token, which raised $1 billion in 2019.
“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,” said 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.”
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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.
In a post-COVID-19 world where fast interexchange settlement is key, especially with derivatives trading where positions may need to be quickly covered, the cross-listing of BTSE and UNUS SED LEO offers many benefits to sophisticated investors.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.