Bitfinex has launched an Ethereum-based hybrid cryptocurrency exchange called Ethfinex Trustless to give traders more security, privacy and control of their funds, marking the foundation of what the exchange hopes will be a completely decentralized trading model. The platform utilizes Ethfinex, which links centralized and off-chain orders books to gives users full control of their funds throughout the trading process.
Bitfinex Joins the DEX Fray
Introducing Ethfinex Trustless – an Ethereum based trading solution placing security, privacy and control in the hands of the user.
Take control of your trading on https://t.co/KjfSyA0C6O.https://t.co/YYdd1b2LE7
— Ethfinex (@ethfinex) September 17, 2018
Ethfinex Trustless provides a liquid, off-chain order book that doesn’t require users to sacrifice the custody of their tokens or endure withdrawal and deposit delays. There are no signups or KYC requirements, and users don’t even need to provide their name, email, phone number, or address to begin trading.
Users are required to hold a minimum one Ethfinex Nectar token in an Ethereum wallet. Ethfinex distributes its Nectar token to traders every month.
Trading pairs will initially be ETH/USDT, OMG/USDT, OMG/ETH, ZRX/USDT, and ZRX/ETH, to be followed by at least 40 more tokens.
Improved Privacy And Security
Bitfinex believes Ethfinex will deliver a new level of security privacy and liquidity in digital asset trading.
The company noted in a Medium blog that centralized exchanges offer highly liquid order books that allow traders to quickly exchange tokens and currencies. The downside of centralized exchanges, however, is that they require the trader to give up control of their currencies along with a fair amount of personal data.
Trading on centralized exchanges also requires time-consuming deposits and withdrawals, which incur long waiting periods and in some cases subject users to losses caused by hacks.
Also read: Bitfinex forces users to submit information, may share with government
More than 57 Ethereum Tokens
Ethfinex presenlty uses Ledger and MetaMask to offer anonymous, trustless, liquidity trading of more than 57 Ethereum based tokens. Users can trade directly against the Ethfinex and Bitfinex orders books.
The platform will expand to include fee structures, user incentives, margin decisions, and profit distribution decisions.
Featured Image from Shutterstock
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