Bitfinex launches Ethfinex, an Ethereum-based hybrid decentralised exchange and trading platform

One of the world’s leading crypto exchange platforms, Bitfinex, announced Ethfinex Trustless, a decentralised Ethereum-based cryptocurrency Exchange.

Bitfinex has launched Ethfinex Trustless, an Ethereum-based hybrid cryptocurrency exchange, in a bid to guarantee users increased privacy and security. The platform utilises off-chain, centralised order books, leaving users with full control over their funds.

Powered by the Nectar token (NEC), Ethfinex was originally announced in August 2017, and the beta version was launched in late December. During the testing process, the platform recorded daily trading volumes of over $70 million on average.

Improved security and privacy

Ethfinex comes at a time when there is increasing interest amongst the crypto community towards decentralised trading solutions to mitigate the dependency on the currently centralised exchanges, which provide less privacy and security. The platform is built to deliver a whole new level of liquidity, security, and privacy in the realm of digital asset trading.

In a Medium blog post, Ethfinex says that centralised exchanges work by offering highly liquid order books, allowing traders to exchange currencies and tokens.  However, Ethfinex believes that the downside of such exchanges is that they require traders to give up control of their digital assets along with a fair amount of their personal information, which is not the case with their own platform.

No more KYC or sign-up requirements

Ethfinex doesn’t require its users to sacrifice custody of their coins or endure deposit and withdrawal delays. Better yet, there are no KYC (Know Your Customer) or sign-up requirements, meaning that users don’t need to provide their addresses, phone number, email, or names to start trading.

Users required to hold at least 1 Nectar token (NEC)

As the platform rolls out fully, users will be required to have a minimum of one Ethfinex Nectar token (NEC) in their Ethereum wallet for the first two weeks to start trading. This ensures that the platform can work with a smaller user-base at the start, allowing them to provide immediate assistance if unexpected issues arise. The platform will distribute these Nectar tokens to its traders every month.

Over 40 Ethereum tokens supported

Presently, Ethfinex uses MetaMask and Ledger, but will expand to support Keystore and Trezor to offer anonymous and trustless digital asset trading. The platform supports over 40 Ethereum-based tokens and five trading pairs (OMG/USDT, ZRX/USDT, OMG/ETH, 9 TH/USDT, and ZRX/ETH). Users are also allowed to trade directly against Bitfinex and Ethfinex order books.

The platform also intends on expanding to include profit distribution decisions, margin trading, user incentives, and a comprehensive fee structure.

James

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James is a cryptocurrency enthusiast, an advocate for the development and exposure of blockchain technology, and believes in the use of digital assets for the good of the society. He has been writing about crypto since he first learnt about cryptocurrencies in 2010. Initially, he was attracted by the disruptive economic and social implications of virtual currencies and blockchain technology, and over the years he has dedicated himself to learn everything he can about the industry.

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