Bitfinex to Shutdown January 7, 2019 to Enhance Traders and Investors' Back Office Interface

As per a blogpost released on the official Bitfinex website, the premier crypto exchange will be going offline for a period of upto 7 hours on the 7th of January, 2019.

This shutdown, according to Bitfinex, is part of a scheduled ’data migration program’ that will see the firm transfer its cryptographically stored information onto its new dedicated bare-metal servers.

More On The Matter

In addition to all of the aforementioned details, Bitfinex and its Ethereum-based decentralized exchange, Ethfinex Trustless, are all set to move from their existing AWS cloud module to a “self-designed infrastructure” that will be hosted in a data centre located somewhere in Switzerland.

On the matter, a spokesperson for the firm was quoted as saying:

“Data migration to dedicated bare-metal servers is atypical in our industry, and we have modeled our approach on traditional stock exchange operations. It has been a considerable undertaking, but one we felt was integral to provide a service up to the standard that professional traders are used to in other sectors.”

Final Take

Even though this latest move could result in a significant amount of downtime for the exchange, Bitfinex believes that moving forward this latest move will help the exchange bolster its existing security and efficiency protocols.

Last but not least, users should mentally prepare themselves not use their wallets or any other feature on either of Bitfinex’s platforms for pretty much the entirety of the day (i.e. Jan 7).

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Shiraz J
Shiraz is a multi-year cryptocurrency analyst and blockchain journalist residing in Melbourne, Australia. When he is not writing about the bitcoin ecosystem, he enjoys the art of meditation, playing the blues and traveling the world.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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