Existing USD balances on the platform will remain fiat and undisturbed by the change. In continuing a trademark of ensuring a fair and coin-agnostic system, Bitfinex made more steps in that direction.
Announcing that their users are now able to trade Tether-fiat directly. The trade will be facilitated by the addition of USDT/USD and EURT/EUR Tether trading duo. It also replaces the previous 1:1 conversion of the different transactions made available by Bitfinex. Therefore, reflecting the improved scope of choice available in the stablecoin market and also the increased demands from customers.
Protecting Customers and Ensuring Frictionless Transactions
In 2014, Tether came into existence. It was a move towards meeting the needs of the market in ensuring a free flow of funds between different exchanges. This was also backing up with the stability of the US dollar. In 2018, it was no longer the only stablecoin in the market, with a number of others joining.
Bitfinex ensures their customers are under security with the provision of a ratio of 1:1 Tether / US Dollar in exchange. Users can also claim any time. The company had the confidence to carry out this plan because of the increased visibility of Tether.
Due to the development of the stablecoin market, and to keep up with the principle of the company. Bitfinex is backing up Tether balance USDT and EURT, along with USD and EUR already in existence. This will aid conversion and ensure Bitfinex users are able to withdraw, deposit and trade USD and EUR in fiat and tether.
Balances Remain Unaffected By Change and More Forward Plans
Bitfinex is still leading in promoting access to all important currencies in the market. They were the first to introduce alternative stablecoin on their system, and they are not relenting on this path. They promise to release new stablecoin pairings when demand is high enough to list them on the exchange.
The USD balances on Bitfinex before the change will remain fiat and unaffected. Tether deposits made after the change would be credited as Tether (USDT). With this development, customers will also be able to redeem their USDTs to USD directly.
Tether website also supports full account verification and allows direct tether – to – fiat conversions at the ratio of 1:1. The Bitfinex team also promises to continually provide solutions for customers.