A good news follows the users of crypto exchanges, Bitfinex and Ethfinex. As they are to offer all the six major stablecoins in the market starting soon. For a much longer time, only Tether, was available for most of the traders. This stablecoin was helpful in transferring funds rapidly between different exchanges. Once Tether boomed in the market, rest of the stablecoins came into existence from March 2018.
Ethfinex built in 2018 is Bitfinex’s ERC-20 exchange arm. Ethfinex trades Ethereum tokens. Currently, the exchange is centralised and but the team plans to make it decentralized in the future. On December 4, 2018 Bitfinex announced:
From today customers of Bitfinex and Ethfinex will be able to trade all six major stablecoins on both exchanges.
Earlier, along with Tether there was another stablecoin, Dai. The crypto exchanges, Bitfinex and Ethfinex introduce Dai. The new stablecoins that are available along with Tether and Dai are USDC, True USD, Paxos, and Gemini USD.
Both Bitfinex and Tether share a CEO, and the inter operations between both entities, which critics have regarded as opaque, have called Tether’s credibility into question. Hence, paving the way for the competing projects that Bitfinex has just listed.
During press time, both deposits and withdrawals are reserved for verified traders across both platforms, even though trading remains unaffected by a customer’s verification status. Stablecoins witnessed increase in exchange and platform adoption in the tail end of 2018.
Bitfinex announced that users can now trade Tether-fiat on the exchange platform after the exchange added USDT/USD and EURT/EUR Tether trading pairs on to the platform.
What are your views regarding the launch of these stablecoins? Let us know in our comment section.