In its latest announcement, Bitfinex introduced 12 new ERC20 tokens on its trading platform. The exchange made a special notification of the stable coin Dai that is the main competitor of Tether (USDT) which holds the same CEO as Bitfinex reportedly.
Bitfinex introduces 12 new ERC20 tokens for BTC, ETH, & USD trading pairs
One of the largest bitcoin exchange platforms, Bitfinex recently took to Medium to announce the listing of 12 new altcoins on its trading platform:
“We are excited to introduce trading for a diverse set of tokens, each focused around strengthening the impact and capacity of decentralised technologies.”
All of these 12 new tokens are ERC20 tokens where ERC20 is basically the technical standard used for the smart contracts that are hosted on the ethereum blockchain.
The list of these newly supported altcoins includes Aion (AION), BnkToTheFuture Token (BFT), Cofound.it (CFI), Dai (DAI), IOStoken (IOST), Loopring (LRC), Medicalchain (MTN), Odem (ODEM), Raiden Network (RDN), Request Network (REQ), SingularityNET (AGI) and Wax (WAX).
Jean-Louis van der Velde, the CEO of Bitfinex expresses the introduction of new listings with:
“The introduction of such a large selection of tokens, representing a diverse array of blockchain-based projects, marks an exciting development for Bitfinex. We are proud to introduce these as we believe that each token serves to strengthen and enliven a unique aspect of the global blockchain ecosystem, and will offer new and exciting trading options for our users.”
For the new introductions, the trading pairs of BTC, ETH, and USD went live on April 7 at 4 PM UTC. The exchange clarifies that as liquidity develops, the “margin trading and peer-to-peer funding markets will be enabled gradually.”
Bitfinex further acknowledges that all the new listings have a combined market capitalization of $1.1B+ USD that will offer greater exposure to its traders.
USDT competitor “Stablecoin Dai” gets special mention
In its announcement, Bitfinex made a special mention of DAI token which is a decentralized stable coin on ETH platform. The blog points out that though initially, DAI would be available for trading against BTC, ETH, and USD, the exchange will introduce additional trading pairs for the token in future.
The point worth noting here is the stable coin DAI is in direct competition with another major stable coin, Tether and Bitfinex share the same directors i.e. Jean-Louis van der Velde. With this combine integration, the exchange aims to “to connect currently disparate markets and facilitate new trading opportunities across a diverse range of tokens, markets, and exchanges.”
The introduction of BnkToTheFuture token also holds value as it seems to own shares in the exchange. Moreover, in August 2016, Bitfinex signed a letter of intent with BnkToTheFuture “to provide solutions towards compensating customers with equity in Bitfinex.”
With these 12 new listings of ERC20 tokens, Bitfinex is trying to meet the expectation of its traders and will further work towards expanding its services.
Do you think the listing of DAI holds great significance here? How do you think it can affect its competitor USDT?
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Being an active participant in the Blockchain world, I always look forward to engage with opportunities where I could share my love towards digital transformation.