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