Yesterday, Bitfinex has launched a new cryptocurrency exchange and named it Ethfinex Trustless, in an attempt to give traders more security, privacy as well as control of their funds. This has been one of the headlines present in the latest cryptocurrency news – especially because it concerns Ethereum (ETH) as a cryptocurrency that is struggling to go over the $200 mark over the past 24 hours.
Ethfinex now has a Twitter profile as well, where it self-promoted as a spin-off exchange from its ‘father’, Bitfinex.
Introducing Ethfinex Trustless – an Ethereum based trading solution placing security, privacy and control in the hands of the user.
Take control of your trading on https://t.co/KjfSyA0C6O.https://t.co/YYdd1b2LE7
— DeversiFi (@deversifi) September 17, 2018
The best way to describe Ethfinex Trustless is as a liquid, off-chain order book that does not require users to sacrifice the custody of their tokens or endure withdrawal and deposit delays. With no signups or KYC requirements, users don’t even need to provide their name, email, phone number or address in order to start trading.
Speaking of, the current trading pairs supported include ETH/USDT, OMG/USDT, OMG/ETH, ZRX/USDT, and ZRX/ETH – but the list will also include at least 40 more tokens soon.
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Every user is required to hold a minimum one Ethfinex Nectar token in their Ethereum wallet, which will be distributed to traders every month. With this, Bitfinex believes that Ethfinex will deliver a new level of security privacy and liquidity in its digital asset trading. As the company explained in a Medium blog, centralized exchanges offer highly liquid order books that help traders quickly exchange tokens and currencies.
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Currently, Ethfinex uses Ledger and MetaMask to offer anonymous, trustless, liquidity trading of more than 57 Ethereum-based tokens – where users can trade directly against Ethfinex and Bitfinex orders books.
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