LeoCoin Roars Into Digital Currency Market
The world’s second largest digital currency, LEOCoin, was
today launched and will be officially traded from April 2 after it goes live in
The company is based in Oxfordshire , UK Downing Street
revealed plans to further regulate the digital currency sector as it keeps
expanding.
Claiming to offer greater usability and accessibility when
compared to other digital currencies, LEOCoin will provide emerging start-ups
and enterprises with no intermediary charging commissions, which often presents
significant barriers to growth.
An encryption system will keep track of all transactions and
records, to ensure data is kept safe. Commission and transaction fees will also
not be applied to purchases, but a small commission will be applied to sales.
50% of small to medium sized companies trading
internationally have expressed concerns with transaction fees, a recent YouGov
survey revealed. Associated costs with the use of debit or credit cards worried
a further 43% of respondents.
Even though the currency was only launched today, around
100,000 entrepreneurs have adopted it in anticipation of its market debut. LEOCoin
has become the second largest digital currency after Bitcoin.
The developers of the new coin are also looking to expand
its services offline, in order to be accepted in exchange for goods and
services.
In the first 99 days after entering the digital market, LEOCoin
will realize a maximum of 28,000 LEOCoins. After the currency reaches one
billion coins it will not generate anymore, leading the currency into
deflation, increasing its value as demand also soars.
Dan Anderson, co-founder of LEOCoin, said: “The launch of
LEOCoin today is an important chapter in the evolution of the global digital
currency market and is a big statement about the future of the sector against a
backcloth of skepticism to date.
“The industry needs to do much more to establish its
credibility – this was borne out by the YouGov study which showed that whilst
SMEs find transaction fees a concern when doing business abroad, 85% indicated
they were unlikely to use a digital currency. Also it revealed that whilst
awareness is very high at some 86%, only two percent already accept a digital
currency.
“These numbers don’t surprise us given the negative
publicity many of the digital currencies have had. We believe this has been
down to such currencies being complicated, inaccessible and not user friendly.
“We aim to address these issues to give users confidence by
providing a transparent and straightforward operating system. We have also
focused on developing a currency that is intended to be used by everyone.
“Consequently we anticipate that within five years,
individuals and casual users will have increased exponentially as ordinary
consumers start to see the benefits of privacy and security offered by LEOCoin,
whether trading at home or abroad.
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