Bitfinex Becomes the First BTC Exchange to Offer on-blockchain Transactions

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Bitfinex Becomes the First BTC Exchange to Offer on-blockchain Transactions

In an announcement, Bitfinex says that it has become the first major Bitcoin exchange to offer on-blockchain transactions. This is quite an achievement as typically, exchanges work off-chain i.e. user balances are settled within a central database. However, Bitfinex’s bid for greater transparency will allow users to check their segregated Bitcoin wallets on the blockchain.

The company says that trade settlements will be broadcast once per day. Talking about the announcement Zane Tackett, director of community and product development at Bitfinex, said that this represents the next logical step in ensuring the safety of the Bitcoin entrusted to them by the users who have complete trust.

Nonetheless, the Bitcoin exchange which integrated BitGo’s multisig technology, recently, also urges customers to halt deposits following a suspected hack, which is currently being investigated. When asked if the launch was related to the breach of security, Tackett denied the link, adding that the partnership with BitGo had been in the works for months.

What is so special about Bitfinex?

Customers will find it special for various rich features. Though, this trading platform is currently in a beta phase i.e. testing phase, it is owned and operated by iFinex Inc. (Bvi), and during this final phase the platform is being prepared to operate under a fully licensed model. Once it is fully operative and available, the users will have high-end trading experience.

According to the official website fascinated by Bitcoin and the new possibilities, Bitfinex gives to people, the team has gathered experts from financial markets, programming and system administration to develop a versatile one-stop platform to make transfers, trade and a growing host of other services.

Providing liquidity to help the Users

The Bitcoin exchange claims that for liquidity, users first have to make sure their deposit wallet contains USD or BTC. If not, they can go to the Manage Wallets page to transfer funds into this wallet. They need to go to the “Liquidity swaps” page to put their offers and choose conditions for the swap they propose.

Here they can choose the amount of liquidity they want to provide (amount), choose for how many days you would like to offer this liquidity (period), and choose at which rate (in % per day) you want to offer swap. Additionally, when they are all set, clicking on “Offer Now” they will get their offer in the “Unfilled demands/offers” table.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com