Categories: Ethereum

Ethfinex Trustless Launches OTC Platform on Ethereum

Click here to view original web page at www.financemagnates.com

Bitfinex’s subsidiary Ethfinex Trustless on Monday announced the launch of an on-chain over-the-counter (OTC) service for trading digital currencies.

The announcement detailed that there is no centralized order book or matching engine maintained by the platform, so trades will be executed on a peer-to-peer basis.

We’re proud to unveil an important development in our decentralised offering – @ethfinex Trustless OTC, a blockchain enforced Over-the-Counter service. Get started today https://t.co/iIFtnzdg5a pic.twitter.com/pKSFeHaiuP

Customers can trade any digital asset on the OTC platform. However, there is a restriction on the assets which are classified as “financial instrument.”

“Customers can trade any ERC20 token, and even specify custom Ethereum addresses for tokens which are not currently listed on any exchanges,” the announcement stated.

Suggested articles

Staying Ahead of the Pack: Mitrade’s CEO Outlines 2019 StrategyGo to article >>

The platform is also boasting the low fee which is kept at 0.02 percent.

“Ethfinex Trustless OTC revolutionizes this model by using the blockchain to enforce the deal in an atomic transaction. This market first removes the need for escrow, and opens up OTC to anyone through significantly lower fees at 0.02% (vs 2-5% on more traditional OTC desks),” the press release added.

In addition, there is no need for submitting any know-your-customer (KYC) documents, meaning trades will be executed anonymously. This, however, barred traders based in the United States and other restricted jurisdictions from using the platform.

Damage control?

This development came at a time when Bitfinex is struggling with its reputation in the market after the serious allegations by New York Attorney General’s office.

The cryptocurrency exchange recently launched an initial exchange offering (IEO) platform along with Ethfinex.

“Extending the capabilities of Ethfinex Trustless to include an OTC service is an important step in fulfilling the potential of decentralization in the cryptocurrency market,” Will Harborne, founder of Ethfinex Trustless, said. “It opens the doors to those previously prohibited by expensive OTC desks and provides security in blockchain enforced atomic deals. Customers no longer have to place trust in a third party, or take the risk of trades directly with the counterparty themselves.”

The announcement detailed that there is no centralized order book or […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Bitcoin Price Forecast: BTC/USD Volume Could Indicate A Breakout

Bitcoin’s daily volume spike could create a necessary condition for a breakout. Traded price ranges continue to constrict. Bitcoin’s Bullish… Read More

4 hours ago

Billionaire Tim Draper: Bitcoin Will Hit $250,000 By 2022

Billionaire venture capitalist Tim Draper told BlockTV that in the next several years, Bitcoin could reach $250,000 per coin. "$250,000… Read More

4 hours ago

Maduro Mandates Petro-Financed Public Housing Scheme in Venezuela

Embattled Venezuelan leader Nicolas Maduro looks to expand Petro adoption through a new housing initiative. | Image: REUTERS /THIRD PARTY.… Read More

4 hours ago

Malware InnfiRAT Targets Bitcoin And Crypto Wallets

The malware named InnfiRAT could be stealing bitcoins and cryptocurrency wallet information. It is usually downloaded through email attachments and… Read More

4 hours ago

Bitcoin (BTC) Interest in China Driven by Price Action News

Share Tweet Send Share Baidu search trends in 2019 show Chinese bitcoin interest being driven largely by price action news.… Read More

4 hours ago

Crypto and the Latency Arms Race: Crypto Exchanges and the HFT Crowd

Max Boonen is founder and CEO of crypto trading firm B2C2 . This post is the second in a series… Read More

4 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More