- Bitfinex, the largest cryptocurrency exchange is introducing additional trading pairs. It is adding two fiat currencies to its platform – the Japanese Yen and British Pound.
- It has also enabled deposits and withdrawals in both JPY and GBP
- Also, the trading platform is planning to change location from Hong Kong to Zug, Switzerland.
Following the recent support announcement for NEO token, Bitfinex has also added two new fiat currencies to its trading platform. This cryptocurrency exchange is operated by iFinex Inc has officially announced on March 29 that they have expanded the number of fiat currencies by adding Japanese Yen and British Pound. Traders who prefer Bitfinex can directly deposit their fiat currencies instead of processing through supplementary loops. Previously, traders could trade these coins against USD and BTC.
In addition to the fiat pairs, Bitfinex opens doors to both the users of the countries UK and Japan. Therefore, users will be able to use their national currency against cryptocurrencies like EOS, ETH, NEO, and IOTA.
You can enjoy following fiat pairs at Bitfinex:
- BTC – BTC/JPY & BTC/GBP
- ETH – ETH/EUR, ETH/JPY & ETH/GBP
- NEO – NEO/EUR, NEO/JPY & NEO/GBP
- EOS – EOS/EUR, EOS/JPY & EOS/GBP
- IOTA – IOTA/JPY & IOTA/GBP
Interestingly, some of the prominent cryptocurrencies such as Ripple, Monera, and Litecoin have not received additional trading pairs. They are only available to be used against USD and BTC with no other option for the users of GBP, Euro or Yen.
Bitfinex claims that the addition of these new trading pairs will facilitate improved accessibility and trader convenience. The exchange platform also emphasized that the expansion is intended to span their features to under-served international markets.
Further, the exchange’s blog post states that this movement will add greater convenience for traders. It ensures liquidity on the platform and the “the cryptocurrency market as a whole”. Additionally, the belief on Bitcoin as a medium of exchange is viewed to trim down the costs of cryptocurrency traders whilst further enhancing the handiness of the Bitfinex service.
Bitfinex CEO, JL Van der Velde stated
“We are very pleased to add to our selection of fiat offerings and to do our part in making cryptocurrencies more globally accessible. We are making a strong push for improved transparency and worldwide regulatory collaboration, and our ability to add support for these markets is a strong win on that front.”
Hong Kong to Zug, Switzerland
The release of an announcement was made only a day after it reported that the exchange is mulling to relocate its resources to Zug, Switzerland. Bitfinex is already in discussions with the Swiss government regarding the potential move. The ever-growing community of the central European state has also conveyed bullish statement about the world’s fifth largest cryptocurrency exchange establishing a base in their nation.
A local crypto entrepreneur stated:
“It would be sensational if an actor of this size and importance should decide for Switzerland. It would show that Switzerland can indeed occupy a leading position in the entire blockchain industry.”