LEOcoin, which claims to be the world’s second largest digital currency, has gone live in the UK today.

The virtual currency can be officially traded when its own exchange, LEOxChange, is opened in Hong Kong on 2 April. But 100,000 entrepreneurs have already signed up to use the currency in anticipation of its trading debut, making it second only to Bitcoin, the founders have stated.

Headquartered in Oxfordshire, LEOcoin said it offers a direct trading feature, zero transaction fees on purchases and high level encryption. The currency is also in the process of expanding its online and offline merchant base around the world.

LEOcoin has committed to releasing a maximum of 28,800 LEOcoins per day for a limited period of 99 years, equating to a total of one billion LEOcoin, after which no more will be generated. This means it is designed as a deflationary currency that will increase in value as demand increases, the firm noted.

Dan Andersson, 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 scepticism to date.”

Describing other digital currencies as “complicated, inaccessible and not user-friendly”, he added: “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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