Bitfinex Launches Ethfinex Decentralized Exchange
The cryptocurrency space is rapidly maturing to make decentralized exchanges a reality with all the benefits and potential regulatory concerns that come with it.
Cryptocurrency trading platform Bitfinex has announced the launch of Ethfinex, a hybrid Ethereum-based exchange which takes both centralized and on-chain trading forms and is powered by the Nectar (NEC) token.
Decentralized trading solutions are quickly rising to the mainstream as they usually enable instantaneous trading, globally, by removing the need for registration, deposits, and identity confirmation. With trades settled directly on Ethereum, the Ethfinex Portal mitigates the need for trust and places control back in the hands of the user.
Ethfinex was first announced in August 2017 and launched as a beta in December 2017. Daily trading volumes have grown to +$70 million as Bitfinex aims to use the Ethereum-based exchange to create a community-governed trading platform where platform fees, token listings, and governance decisions are distributed amongst users.
Will Harborne, Director of Operations at Ethfinex, commented:
“Today represents the culmination of a prolonged phase of hard work and dedication fuelled by our vision for a decentralized, community-governed trading platform. We are beyond excited to leverage Ethereum to deliver a sophisticated, trustless trading experience to users worldwide and to further extend the boundaries of decentralized exchange […] Through removing the array of concerns associated with current centralized entities, Ethfinex aims to power a new era of digital asset trading which prioritizes the control individuals have on the security, privacy, and liquidity of their trading experience. We are dedicated to showcasing the power of decentralized and trustless trading solutions as this exciting journey continues.”
Paolo Ardoino, Chief Technology Officer at Bitfinex, said:
“The complete launch of Ethfinex maintains the sense of continuous progress within the Bitfinex community and underlines our credentials as a true pioneer in this ever-evolving and exciting exchange landscape. This is a firm demonstration of our commitment to accelerating the development of the blockchain trading ecosystem, extending our reach to a wide variety of traders worldwide, allowing them to take advantage of both centralized and on-chain trading opportunities.”
Reporting by Rick Steves. Filed 21 September 2018, 20:33 GMT.
Senior Reporter, Regulation and Fintech
Rick Steves has seen business and economics through many lenses. He joined the financial services industry in 2009, and has been a financial journalist since 2011.
