Against Tether tokens, Bitfinex has announced the following currencies GBP/USDT, GBP/EURt, and JPY/USDt, as an addition to its stock of coins for margin trading to enable it to step up its trading services.
Following the announcement made on Friday by the exchange platform, Bitfinex affirms that the provision of these new trading pairs is to live up to its commitment to providing prompt and premium services to its customers. Users won’t necessarily need other exchange protocols to execute their transactions in transforming the exchange platform.
The prevailing inconsistency of user demand and market evolution has necessitated the addition of these new margins. Therefore, the new margin trading services improve Bitfinex stable coin offerings and keep it at pace with market inconsistencies.
These innovative digital products will allow investors leverage on trade patterns to utilize the trading pairs; in essence, investors can now borrow or lend GBP/USDt, GBP/EURt, and JPY/USDt. Bitfinex projects that the new margin trading services will scale up user performance and meet the current demands of the virtual and digital worlds.
While expressing his satisfaction over the announcement, the Chief Technology Officer, Bitfinex, Paolo Ardoino, hopes that the new development will attract the desired interest of investors who are likely to leverage it for Forex hedging and hedging purposes.
Bridging the Gap to the Future
Bitfinex is a financial colossus that has been in existence since 2012. Its numerous policies and reforms have provided users with simpler and easy access to financial and capital services. Last October, the financial giant incorporated into its protocol a funding system that allows users to purchase digital currencies with either their credit cards or debit cards.
March 2021, the exchange announced its partnership with Copper.co, an infrastructure provider, intending to integrate ClearLoop – an off-exchange settlement and clearing network, as one of its trading services.
Bitfinex owns a borrowing platform known as Bitfinex Borrow. It is a peer-to-peer (P2P) platform that facilitates users to borrow and lend funds from each other. A user can borrow funds by providing digital assets as collateral.
However, while there are no established restrictions or regulations on how a user can utilize borrowed funds, the possible amount a user can borrow at a time is dependent on the type and amount of collateral the user owns, with a general borrowing limit of $250,000.
More so, in December 2021, Bitfinex also added three new Tether tokens to its margin trading services. These tokens include USDT and EURt, GBP and USDt, GBP and EURt, and JPY and USDt.
An Era of Hope
Recall that in August 2016, Bitfinex cryptocurrency exchange was hacked, and about 120,000 Bitcoins worth over US$70million (currently $4.5 billion) were stolen.
However, in February 2022, hope was restored, as the US government, through its security agency – FBI has arrested a couple, Ilya Lichtenstein and his wife, Heather R. Morgan, in New York, allegedly connected to the attack. Significantly, the large sum of $3.6 has been so far recovered from the cyber theft.