Most people are aware of Bitfinex’s position as one of the leading exchanges in cryptocurrency today. However, they have been working on an Ethereum-based hybrid exchange project that would let users take on centralized and on-chain trading. The project, which is being called Ethfinex, was finally launched today, based on an annoucement from Bitfinex.
Introducing Ethfinex Trustless – an Ethereum based trading solution placing security, privacy and control in the hands of the user.
— Ethfinex (@ethfinex) September 17, 2018
Part of the Ethfinex ecosystem is Ethfinex Trustless, which is their decentralized exchange that is now active. There is no requirement for deposits and registration, and there is no need to give up tokens for any length of time. The trading is performed as a result of using Ledger and MetaMask, ensuring that the user can use over 57 Ethereum based tokens to engage in anonymous and high-liquidity trading.
Will Harborne, who is the director of operations at Ethfinex, released the following statement:
“Today represents the culmination of a prolonged phase of hard work and dedication, fueled 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.”
Ethfinex was originally announced over a year ago, and their beta version was available by December 2017. Since then, the project has been growing and has the capacity to handle a daily volume of about $70 million USD. The platform is fueled by the Nectar (NEC) token, which is given to the users monthly as an incentive for higher trading volume. Ultimately, Bitfinex wants Ethfinex to be the catalyst for an ecosystem that is controlled by the people that use it, and that distributes fees and makes decisions based on the public.
The Chief Technology Officer for Bitfinex, Paolo Ardoino, 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.”
Along with the aforementioned benefits and services of the Ethfinex Portal, the integration of the Bitfinex order books will improve the liquid trading experience. Since the trading is settled through Ethereum, the Portal basically brings users the control that they have wanted for quite a while.