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Bitfinex has launched an Ethereum-based hybrid cryptocurrency exchange called Ethfinex Trustless to offer traders more security, privacy and control of their funds, setting the bases for what exchange hopes will be a fully commercial model decentralized. The platform uses Ethfinex, which links books of centralized and off-the-shelf orders to give users full control of their funds during the negotiation process.
Bitfinex enters DEX Fray
Introducing Ethfinex Trustless – a commercial solution based on Ethereum that puts security, privacy and control in the hands of the user.
Take control of your trading at https://t.co/KjfSyA0C6O.https://t.co/YYdd1b2LE7
– Ethfinex (@ethfinex) September 17, 2018
Ethfinex Trustless provides an off-liquid liquid order book that does not require users to sacrifice the custody of their tokens or endure withdrawals and delays. There are no registrations or KYC requirements and users do not even need to provide their name, e-mail, phone number or address to start trading.
Users are required to hold a minimum of an Ethfinex Nectar token in an Ethereum portfolio. Ethfinex distributes the Nectar to traders every month.
Exchange pairs will initially be ETH / USDT, OMG / USDT, OMG / ETH, ZRX / USDT and ZRX / ETH, followed by at least 40 other tokens [19659003] Privacy and security improved
Bitfinex believes that Ethfinex will offer a new level of privacy and liquidity in the negotiation of digital assets.
The company noted in an average blog that centralized exchanges offer highly liquid order books that allow traders to exchange tokens and currencies. The negative side 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.
Centralized exchanges also require long deposits and withdrawals, which require long waiting periods and in some cases subject users to losses caused by hacks.
Read also: Bitfinex forces users to send information, could share with the government
More than 57 Ethereum tokens
Present in Ethfinex Ledger and MetaMask offer anonymous liquidity exchanges, without trust and over 57 token based on Ethereum. Users can negotiate directly with orders from Ethfinex and Bitfinex.
The platform will expand to include pricing structures, user incentives, margin decisions and profit distribution decisions.
Close-up image of Shutterstock
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