Launched in 2018, Coineal was founded by blockchain practitioners, cryptocurrency investors, and technologists from China and South Korea. It aims to build an industry-leading crypto asset trading platform and provide users with a secure, professional, and convenient cryptocurrency wallet service. Coineal issued the NEAL token as its platform currency in June 2018. According to the team, 80% of the fees incurred by the platform's manual trading were used to periodically repurchase NEAL and burn. NEAL's use cases include transaction fee reduction, participation in NEAL, and special rights.

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