In a significant development, cryptocurrency exchanges Bitfinex and Ethfinex have announced their support for four more USD-backed stablecoins, as per a blog post on Medium.
Driven by the aim to provide a ‘high quality, unbiased meeting place for every ecosystem and customer,’ Bitfinex and Ethfinex had earlier introduced alternative stablecoins Tether (USDT) and Ethereum-backed coin DAI on their platforms. And now, the exchanges had extended their support to four established stablecoins- USD Coin (USDC), True USD (TUSD), Paxos (PAX), and the Gemini dollar (GUSD).
The blog clarified that all stablecoins on the platforms would be traded against USD. Also, deposits and withdrawals for the newly added stablecoins would remain limited to verified traders within the Bitfinex and Ethfinex platforms, while trading verification status would not affect trading.
This development comes soon after the introduction of direct USDT-fiat trading through the newly added trading pairs of USDT/USD and EURT/EUR on the Bitfinex platform.
With this move, Bitfinex and Ethfinex join the list of leading cryptocurrency exchanges supporting stablecoins. The month of November saw Binance adding Circle’s USD-pegged stablecoin USDC to its platform and renaming its USDT Market into a combined Stablecoin Market (USDⓈ).
Back in October, eminent crypto exchanges OKEx and Huobi also added four USD-backed stablecoins.
Established in Hong Kong in 2012, Bitfinex is a widely-recognized digital asset trading platform which offers state-of-the-art services and tools to assist professional crypto traders and liquidity providers worldwide. Along with a wide array of advanced trading features, Bitfinex also provides access to peer-to-peer financing, an Over-the-Counter (OTC) market, and margin trading for an extensive range of digital assets.
The system is available in three languages: English, Chinese and Russian. There are applications for both IOS and Android.
Ethfinex is another digital asset trading platform which provides access to highly-flexible centralized and on-chain trading portals, as well as fee-sharing, discussion features, and voting tools
Ethfinex’s journey towards decentralization is centered around the Nectar token (NEC). The Ethfinex platform allows trading of NEC which is, however, not intended to raise funds and is not sold through any form of crowdsale, ICO or fundraising mechanism. Ethfinex rewards loyal traders through the distribution of NEC.