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Bitfinex’s ‘Sister Exchange’, Ethfinex, Rebrands Independently as DeversiFi

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The crypto exchange space is set for another major rebrand following the move by Ethfinex Trustless that evolved to DeversiFi as of August 13, 2019. This will see the former sister to Bitfinex position itself as the sole high-speed decentralized coin exchange with high liquidity for crypto traders. Furthermore, traders using the new DeversiFi platform can be able to carry out trades whilst their digital currencies remain held in private wallets.

Ethfinex began its operations in Q3 of 2018 when it pioneered as a P2P platform for ERC20 based tokens. The decision to rebrand its outlook is pivotal in making the exchange competitive as it shifts to focus on settling for institutions as opposed to its previous retail clientele. Before its rebrand, Ethfinex had acquired a customer base of close to 10,000 with its footprint mainly in Europe.

According to Will Harbone, DeversiFi CEO, the change in strategy is not only a rebrand but a move to scale opportunities for growth. The CEO while speaking to The Block mentioned that among the selling points were lower fees and products regulated as per the current laws. However, the rebrand seemed to have coincided with the pressure on Bitfinex’s $850 million alleged fraud currently under investigation by New York’s AG office.

DeversiFi is set to set itself apart and compete with large exchanges by reducing execution time, narrower spreads and liquidity within its ecosystem. The Ethfinex user interface will also be altered to reflect its new brand in addition to the software features.

Nectar (NEC), the ERC20 token created for Ethfinex’s ecosystem is also undergoing an overhaul to make it well compatible with DiversiFi’s design. This is in line with the growth in needs, both regulatory and technological since it was launched back in 2017.

Harbone noted that next on the roadmap for DeversiFi would be acquiring approval within the European zone while mobilizing for development funds. The biggest challenge so far appears to be establishing DeversiFi as a sole brand given it heavily relied on Bitfinex during its early growth stages.

Source. bitcoinexchangeguide.

Bitfinex

Bifinex is readying the launch of options and gold-backed Tether for early 2020

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  • Cryptocurrency exchange Bitfinex set to launch options and gold-backed Tether.
  • CTO Paulo Ardoino was detailed that the plans are for Q1 2020 for the new products. 

The Chief Technology of Bitfinex cryptocurrency exchange, recently revealed that the firm’s ambitious plans for 2020. They include a debut within the options offering, in addition to gold-backed Tether. In

CTO Paulo Ardoino was speaking in a podcast with the BlockCryto, he covered ground on much of the issues ranging from the allegations of market manipulations, to then provide some details on upcoming products that Bitfinex plans to offer including options and a gold-backed stablecoin. 

Ardano said:

So our goal is to launch options in Q1 2020. We are working, so in order to trade futures on Bitfinex, you have to be verified. And we are excluding, of course, also certain jurisdictions like Canada and few others, because we believe that we want to be really protective of our users. 

He added:

Tether gold. I think that what excites me is to seed or give the ability of letting people to to use tether gold and having a sort of comparison between physical gold and digital gold that is bitcoin.  Of course, we’ll be fully gold-backed. We are working the system to be sure that every single you know, every single tether gold is linked to a specific gold bar

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

source:fxstreet

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Bitfinex

Bitfinex allows withdrawing bitcoins to SegWit addresses

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  • The cryptocurrency exchange now supports bech32 addresses.
  • The platform also added new charting tools for derivative trading.

Cryptocurrency exchange Bitfinex added support for bitcoin withdrawals to bech32 addresses. This is a native Segwit address format that consists only of lowercase letters and offers greater protection against typing errors as it is not case-sensitive.

“Bitfinex has been supporting Bitcoin withdrawals on Pay To Script Hash (P2SH) wrapped addresses. This address format starts with the number 3. As bech32 addresses only exist on the Bitcoin network, our new support for Bitcoin withdrawals to bech32 addresses removes the possibility of our clients experiencing any cross-chain mix-ups,” the company explained.

This format is also supported by Gemini and Kraken, while in October, the head of Binance Changpeng Zhao also hinted on the possibility of SegWit support.

Notably, in September 2019, SegWit support surpassed 50% threshold, which means that over half of all transactions are processed by this protocol.  In October the SegWit adoption peaked at 57.2%; however, by the time of writing, the figure has retreated to 52.94, according to Transactionfee data.

Separately, Bitfinex added new charting tolls for derivative instruments to provide the customers with insights and historical data on liquidation fund balance. funding rate, spread and open interest.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Source .fxstreet

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Bitfinex Denies Laundering, Says It’s a Victim of ‘Fraud’ by Crypto Capital

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Bitfinex says it was conned.

The crypto exchange and sister company of Tether claimed Friday that it was the “victim of a fraud” at the hands of Crypto Capital, a payment processor that allegedly lost $880 million of Bitfinex’s money. Crypto Capital’s president, Ivan Manuel Molina Lee, was arrested Thursday by Polish police on charges of money laundering.

Authorities had written that Molina Lee’s crimes included “laundering dirty money for Columbian drug cartels using a cryptocurrency exchange.”

In a statement released Friday, Bitfinex said it will “make its position clear” to U.S. and Polish authorities and will continue to pursue the funds that Crypto Capital lost. According to the statement, Crypto Capital had misrepresented its “integrity, banking expertise, robust compliance programme and financial licences” to Bitfinex.

Molina Lee is wanted in Poland for laundering up to 1.5 billion zloty (about $390 million) “from illegal sources,” according to reports in Polish newspaper W Polityce. Bitfinex denied rumors that it had played any part in the payment processor’s money laundering.

“We cannot speak about Crypto Capital’s other clients, but any suggestion that Crypto Capital laundered drug proceeds or any other illicit funds at the behest of Bitfinex or its customers is categorically false,” wrote Bitfinex general counsel Stuart Hoegner.

Source:coindesk

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