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Bitfinex Announces Trading of 12 New Ethereum-based Tokens

Bitfinex Announces Trading of 12 New Ethereum-based Tokens

Reading Time: 3 minutes by on April 8, 2018 Altcoins, Business, Finance, News
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Bitcoin exchange Bitfinex has announced new support for an increased range of Ethereum tokens. On April 7, 2018, the company posted details of the new range of tokens that will be enabled by the exchange’s expansion.

The exchange has established deposits and withdrawals for all (new) currency pairs traded, and its latest move is anticipated to swell the company’s user base further. Although guilty of a somewhat failed marketing overture publicized during November 2017, the exchange remains one of the biggest in operation for bitcoin traders.

New Tokens on the Biggest Bitcoin Exchange

Tokens that Bitfinex will now support include Aion (AION), token of the “third generation blockchain network” which, according to developers, is a “multi-tier blockchain system designed to address unsolved questions of scalability, privacy, and interoperability in blockchain networks.”

The IOSToken (IOST) from the Singapore-based outfit seeking to tokenize the core value of the blockchain is also now listed. Focused on the Internet of Service (IOS), the utility token facilitates service providers’ online offers and activities “by dynamically partitioning the IOS network into subspaces via a secured, bias-free stochastic process.”

Loopring (LRC) tokens are now listed. LRC is an up-close service provider that through a multi-layered protocol enables multiple digital exchanges to converse and transact.

BnkToTheFuture Token (BFT), the Hong Kong-based online investment platform is now also listed on Bitfinex. BnkToTheFuture is a qualified investor portal and the “largest global online investment community of professional investors all investing in financial innovation and technology.”

Request Network (REQ) are new entrants to the Bitfinex exchange. Request Network recently partnered with PwC in France on a blockchain application that observers say will cement cryptocurrency’s evolution as a legitimate payment method.

Other tokens to be traded include Raiden Network (RDN), the ICO that received criticism from the co-founder of Ethereum, Vitalik Buterin. Raiden Network is and “off-chain scaling solution, enabling near-instant, low-fee and scalable payments.”

ODEM (ODEM), the education-focused project that facilitates interaction between students and their academic tutors is now also listed. Quietly making inroads on campuses, ODEM states that it “is not an online education platform.” Rather, to address current limitations associated with digital learning online, ODEM combines a “real-world classroom learning experience with the agility and flexibility of the best parts of online education.” (CFI), the outfit that joined the droves exiting Slack after that platform suffered abuse and was deemed no longer suitable for their development posts, is also listed. The platform is geared towards introducing blockchain projects to venture capital.

MedicalChain (MTN), the healthcare record keeper, are also being listed. The company applies blockchain technology to the recording and safekeeping of users’ medical records.

Other tokens include SingularityNET (AGI), the decentralized protocol that enables access to a network of “AI algorithms, services, and agents.” The outfit is essentially a platform for developer and investor collaboration around AI, enabling users to build and monetize projects.

The penultimate offer in the new lineup is WAX (WAX), the virtual marketplace “with zero investment in security, infrastructure, or payment processing,” WAX is designed to “serve the 400+ million online players who already collect, buy and sell in-game items.”

And the final addition is the DAI token (DAI). DAI is known as a “stablecoin,” a token backed by and capped to the USD and has zero volatility, appealing to a large swathe of new entrants who seek some old school reassurances in the world of cryptocurrencies.

Bitfinex Growing in Spite of Maverick Behavior

Bitfinex has had its share of negative publicity. The fallout from a previous strange “members only” twist to the exchange’s access and turning its back on America still tail the company. The exchange’s shadow, however, has more to do with regulatory considerations and solid company aims and goals and nothing to do with illicit or irregular behavior.

The exchange suffered a massive DDoS attack in the heyday of Bitcoin’s soaring heights in December 2017. The company also recently found a new banking partner in Dutch bank ING in February 2018, streamlining its affairs after leaving Wells Fargo & Co.

According to the announcement, “All tokens will be tradable against BTC, ETH, and USD. Margin trading and peer-to-peer funding markets will be enabled gradually, as the order books develop sufficient liquidity.” The release pointed out that the new introductions have a “combined market capitalization of $1.1 billion+ and represent a significant addition to Bitfinex, offering our traders greater exposure to a broader range of innovative digital assets.”

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