LEO, the native token of the Bitfinex exchange, has recorded positive gains as the crypto market struggles to gain footing. The utility token saw a price increase of 4.24% on the day. It also enjoyed an impressive 11% surge in the last 7 days.
LEO’s price surge comes as rival exchange FTX suffers from liquidity issues. After the FTX filed for bankruptcy, many crypto community members called for exchanges to post their proof of reserves. Bitfinex was one of the few exchanges that revealed their cold wallet storage to boost transparency.
However, this move wasn’t a major catalyst in its growth as the tokens of other exchanges that took the proof-of-reserve route are still down. The likes of BNB and Houbi Token are down 5.12%
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