Ethfinex, Bitfinex and Tether parent company has launched a trustless decentralized Over-the counter platform for ERC-20 tokens. It is a blockchain-enforced service, one of the decentralized services the company is offering the community of cryptocurrency traders.
The service provides trading for 17 ERC-20 tokens with ETH and USD making 19. it also provides an option for adding custom tokens so that traders can add tokens they want to trade if they are not listed, to make the trading experience as flexible and inclusive as possible. Some of the listed tokens are Basic Attention Token (BAT), DAI, Maker (MKR) and Omisego (OMG).
The Chief Technical Officer (CTO) of Bitfinex, Paolo Ardoino said the introduction of the decentralized OTC platform is to reduce the problem of centralization and custody which is a major challenge in the cryptocurrency industry. The company according to Ardoino is working hard to see that customers take complete control of their own assets, an action that he believes will encourage the growth of the crypto-space as users develop more confidence in dealing with cryptocurrency platforms.
Decentralization on the rise
The cryptocurrency industry is moving towards decentralization in all ramifications. It started with the decentralization of exchanges (DEX) such as Binance. the introduction of a decentralized OTC platform is another move towards decentralizing the entire space as blockchain is out to achieve. Bitfinex is making significant progress in this move despite the challenges it is facing. Just recently, it introduced its first IEO and with this OTC, there may be more plans to further develop the crypto- space.
A cryptocurrency enthusiast, author, and investor with high motivation in cryptocurrency/blockchain research and writing. He loves birdwatching and traveling. Follow him on Twitter at @Ponvangbu