Crypto Exchange Bitfinex Introduces New Decentralized Ethereum Trading Platform

Announcements, Blockchain, News | September 18, 2018 By:

Crypto exchange Bitfinex has introduced a new ethereum-based trading platform to give traders more security, privacy and control of their funds.

Called Ethfinex Trustless, the platform will allow users to retain full control of their funds throughout the entirety of the trading process by connecting directly via MetaMask, Ledger, Trezor or Keystore. It will also allow users to trade directly against the Bitfinex and Ethfinex order books, removing the liquidity constraints associated with current decentralised exchanges.

“With Ethfinex Trustless there are no signups, no deposit or withdrawal delays and no sacrificing custody of your tokens,” the company said. “With an overarching vision of decentralizing trading solutions on a global scale, Ethfinex allows for seamless trading through means of Ledger and MetaMask, providing trustless, anonymous and high-liquidity trading solutions to over 57 ethereum based tokens.”

Ethfinex Trustless will be powered by the Nectar (NEC) token, which will be distributed to traders on a monthly basis. Users will be required to hold at least 1 NEC token in their ehereum wallet for the first 2 weeks in order to trade. Bitfinex said the NEC token ensures they have some visibility over who is using the platform, and allows them to provide immediate assistance if any unexpected issues arise.

“Our vision is to provide Ethfinex users with the tools to collectively govern the operations of the exchange,” Bitfinex said. “This involves democratizing the decision-making of the platform amongst the users who make the platform what it is. Starting with listings, this will soon progress to encapsulate fee structures, margin decisions, user incentivization models and profit distribution decisions.”

The new exchange will initially support ETH/USDT, OMG/USDT, OMG/ETH, ZRX/USDT, and ZRX/ETH, with over 40 tokens, including Dai pairs, to be added following a successful roll out.

“The trustless portal is a first step towards building a decentralized trading platform,” the exchange said. “Through removing the array of concerns associated with current centralized entities, Ethfinex aims to power a new era of digital asset trading — an era in which security, privacy and liquidity is placed in the hands of the user.”

Ethfinex Trustless came after the company announced EOSfinex, a decentralized exchange built on EOS.io. technology. EOSfinex will “facilitate a highly-scalable network of peer-to-peer value exchange, unconstrained by borders and built around a foundation of transparency, speed and integrity.”