Bitfinex Crypto Exchange Adds Three New Tron TRX/Fiat Pairs to its Platform
In recent times, a lot of leading cryptocurrency exchanges have refrained from offering their core clientele with crypto-fiat trading pairs, primarily due to worries related to increased compliance and regulatory requirements.
However, with each passing day, many of these exchanges are beginning to realize the advantages of introducing the aforementioned offerings, especially since they allow new customers to enter this burgeoning market space.
In this regard, Bitfinex, one of the world’s leading cryptocurrency exchanges, announced via twitter that it was adding 3 new TRX-Fiat pairs to its native platform.
— Bitfinex (@bitfinex) October 4, 2018
Henceforth, the following three crypto-fiat pairs will be available for investors on Bitfinex:
What This Means For Bitfinex?
As per the company’s executives brass, this move is part of a “comprehensive expansion plan” that will see Bitfinex dole out a host of new financial product offerings in the near future (so as to accommodate a growing global trading market). Not only that, by linking crypto with fiat assets, the altcoin sector as a whole will also be able to gain more overall stability as well as liquidity.
Via the introduction of these new trading options, Bitfinex is now inching towards realizing its vision of creating a framework wherein it is able to offer the crypto market with amazing levels of liquidity. In addition to this, with the introduction of new crypto-fiat trading pairs, the altcoin sector can slowly reduce its overall dependence on BTC as being the primary medium of exchange— thus reducing TRX buying costs.
As many readers may already know, Tron (TRX) is a top-20 altcoin that has been designed to foster a global “free content system” that is based entirely on blockchain technology. Owing to its unique framework, the Tron project allows users to “freely publish, store and own their data” — thus empowering content creators as well allowing for the development of a decentralized entertainment ecosystem.
Why Are Fiat Trading Pairs Good For the Global Crypto Ecosystem?
In addition to drawing new investors to the crypto space, fiat also solves a lot of the issues that are currently associated with trading BTC pairs, including:
- Speed of Transactions: Quite often crypto exchanges have to complete 2-3 BTC trades before they can procure the required amount of assets to complete a particular transaction involving another alt-coin.
- Less Expensive: The sheer volatility of the crypto sector is another major factor that favours the introduction of fiat trading pairs within this nascent market space. To further elaborate on this point, we can see that in the past, BTC’s value has often swung by over 2%-5% in the space of a few minutes (thereby causing investors and traders to lose a lot of money).
- Enhanced Security: When asset movement increases, the risk of human error, fraud also goes up. By introducing fiat trading pairs, the overall exchange pathway can be made smaller— thereby reducing the chances of losing coins due to various unforeseen reasons.