Bitfinex to Add IOTA Trading Support

Announcements, Blockchain, FinTech, Investing, News, Regulation | June 7, 2017 By:

Hong Kong-based cryptocurrency exchange Bitfinex will be adding support for IOTA (IOT) trading on its platform on June 13.

IOTA is based on Tangle, a third-generation blockchain technology that uses a directed acyclic graph. With Tangle, users will have to work to approve other transactions. The Tangle ledger will also be able to settle transactions with no fees.

Devices can trade accurate amounts of resources immediately, and IOTA can store data from sensors and dataloggers safely. It will be verified on the ledger, and it could move on from real-time services. The marketcap of IOTA is currently over $1 billion on OTC Trading.

The exchange said the support will be added via two trading pairs – IOT/USD and IOT/BTC. In the forthcoming days, margin trading for IOT pairs will be enabled as the order book develops suitable liquidity.

The company said it has followed IOTA since its earliest stages of development and supports the project’s innovative approach toward a blockless distributed ledger. Bitfinex added that they believe the underlying technology can lead to a new ecosystem of applications built upon this decentralized and self-regulating peer-to-peer network.