Bitfinex Introduced 12 New Tokens

Bitfinex introduced 12 new tokens on its trading platform on the 7th of April.

All of the new tokens are ERC-20 tokens – technical standard for smart contracts hosted on Ethereum blockchain. Tokens will be available to trade on Bitfinex sister exchange – Ethfinex.

Currently, the tokens can only be traded, but the platform will gradually start including margin trading and lending market, as soon as sufficient liquidity develops.

The newly combined listings have a combined market capitalisation of $1.1B USD.

The Chief Executive Officer of Bitfinex, Jean-Louis van der Velde, stated:

“The introduction of such a large selection of tokens, representing a diverse array of blockchain-based projects, marks an exciting development for Bitfinex. We are proud to introduce these as we believe that each token serves to strengthen and enliven a unique aspect of the global blockchain ecosystem, and will offer new and exciting trading options for our users.”

The newly supported altcoins are Aion (AION), Iostoken (IOST), Request Network (REQ), Raiden Network (RDN), Loopring (LRC) Bnktothefuture Token (BFT), Cofound.it (CFI), Wax (WAX), Singularitynet (AGI), Medicalchain (MTN), Odem (ODEM), and Dai (DAI).

Bitfinex Will Include Tether Competitor – Dai

Bitfinex new tokens

One of the new Bitfinex listings seems quite controversial – Dai token which is in direct competition to Tether, which shares the same directors as Bitfinex.

Tether (USDT) is a cryptocurrency pegged to the US dollar created and managed by Tether, Ltd. For each Tether-the-token that exists on the blockchain, there’s also $1 sitting in a bank account owned by Tether-the-organization.

The idea is that when US Dollars are deposited into accounts managed by Tether, they issue new USDT tokens. Conversely, if dollars are withdrawn, they burn USDT. As of this writing, there are over 2 billion USDT in circulation.

While the issues around Tether are a whole subject for another essay, Dai has a similar concept, and while the technicalities vary, the principle stays the same.

It will be undoubtedly exciting to see if these two currencies will be available for trade against each other.

Another notable listing is Bnktothefuture Token that own shares in Bitfinex. The team behind the token was also involved in the controversial conversion of BFX tokens into equity in Bitfinex following the devastating hack suffered by the exchange in 2016.

Bitfinex is currently Headquartered in Hong Kong but is looking to move its operations to Switzerland with the aim of finding more suitable regulations.

Bitfinex introduced twelve new tokens, adding choices to its already vast cryptocurrency portfolio and a daily trading volume more than $500 million USD.

Read more in our Bitfinex Review or Sign Up to Bitfinex and start trading.

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Megan is a self-taught blockchain enthusiast. She enjoys combining finance with technology, from a less-techy perspective. BiteMyCoin is her most recent project underneath the umbrella of an international digital marketing agency ANCHOVY.