Bitfinex Crypto Exchange Introduces 12 More Altcoins for Trading

Bitfinex joins Coinbase which announced the listing of more tokens including Bitcoin forks and other cryptocurrencies in future. Gemini also announced they will be adding more tokens on their platform.

Bitfinex crypto exchange is adding some more 12 new ERC-20 tokens for trading on its platform according to their announcement on April 7. Customers will, therefore, take advantage of the margin trading and lending markets for the new tokens. However, which will be enabling gradually as sufficient liquidity develops. The BTC, ETH, and USD trading pairs for the newly added altcoins went live on the same day. The added 12 have a combined market capitalization of $1.1B+ USD.

The new tokens are Aion (AION), Iost token (IOST), Request Network (REQ), Raiden Network (RDN), Loopring (LRC) Bnktothefuture Token (BFT), (CFI), Wax (WAX), Singularitynet (AGI), Medicalchain (MTN), Odem (ODEM), and Dai (DAI.

Chief Executive Officer of Bitfinex, Jean-Louis van der Velde said addition and support of the new diverse tokens and projects on the platform will offer new and exciting trading options for users. This is even as each of the tokens serves to strengthen and “enliven” the entire aspect of the blockchain ecosystem, he said.

He added,

“Looking forward, we will continue to expand our service offerings to best address their needs. And to maintain an advanced and supportive trading platform for the growing digital asset community”.

Dai will also be made available against BTC, ETH, and USD although they will explore possibility of adding additional DAI pairs. The cryptocurrency is seen as a direct competitor of Tether. However, which shares the same directors as Bitfinex. Another notable addition is Bnktothefuture, which owns shares in Bitfinex. There was also a controversial attempt to convert BFX tokens into equity in Bitfinex after the 2016 hack. The attempt was meant to compensate customers with equity in the crypto exchange.

All the 12 will also be tradeable on Bitfinex’s partner-site Ethfinex, which allows for trading of ERC-20 tokens and Ethereum-based crowdsales. The exchange said recently they will be using the protocol to harness benefits of decentralization. Hence joining the growing crowd of exchanges doing so.

Cryptocurrency exchanges have been adding more tokens on their platforms

The announcement comes after actions by various crypto exchanges to expand their catch by adding more tokens on their platform. A notable is Coinbase, which now supports Bitcoin forks and is looking to adding other cryptocurrencies as well. However, Coinbase does not support trading of the forks yet.

Gemini Exchange also said earlier March that it hopes to add some more digital currency options for their users. Notably, Chicago futures exchange uses Gemini’s pricing data for Bitcoin contracts. This would improve from the current listing of Bitcoin and Ethereum only. Tyler Winklevoss, one of the twin brothers, said a possible addition is from the Satoshi Nakamoto family tree – Bitcoin Cash and Litecoin.

Will the addition of tokens by various digital exchanges on their platform help stir growth in the market? Share with us on Twitter and Telegram.

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David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.

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