Bitfinex: The Cryptocurrency Experts

Bitfinex: The Cryptocurrency Experts

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Jean Louis van der Velde, CEO, BitfinexJean Louis van der Velde, CEO
Most of the decentralized cryptocurrencies cannot scale effectively because of the limitations in security, transparency, and credibility. Bitfinex, owned and operated by ifinex Inc., is a digital asset trading platform that provides state-of-the-art services for digital currency traders and global liquidity providers. The company that was initially started as a P2P margin-lending platform for Bitcoin in 2012, later added support for more cryptocurrencies. It bagged the name as one of the first professional platforms for accommodating the booming interest in cryptocurrency trading. The company is among the world’s largest exchanges by volume for trading bitcoin against the U.S. dollar. The Bitfinex team offers leveraged margin trading through a peer-to-peer funding market that allows users to trade with up to 3.3x leverage securely.

Through this platform, users with a large selection of digital assets and ordering types can optimize their trading strategy with minimal slippage. Exchange trading helps the traders take advantage of every situation. By taking out the funding for the users, Bitfinex allows users to enter an order to borrow the desired amount of the financing at the rate and duration of their choice. It also provides features to renew offers automatically upon expiry and cater to “customizable interface,” which lets the users set up preferences and organize the workspace according to their needs.

Banking on the company’s partnership with Market Synergy, professional traders and corporate account holders can institutionalize grade connectivity and colocation services with direct access to their digital asset gateway. Bitfinex also gives corporate accounts and professional trading services to meet the needs of professional and institutional traders, including sub-accounts, expedited verification, and dedicated customer support.

What it means to be an exchange has evolved alongside the maturing cryptomarket; it has become an entire ecosystem, not just limited to the remit of digital trading assets

Bitfinex offers initial exchange offerings (IEOs) platforms for cryptocurrencies like OKCoin and KuCoin, and finance into the new line of business. There are several advantages to fundraising with an IEO over an initial coin offering (ICO), including handling of Know Your Customer (KYC) and Anti-Money Laundering (AML) checks on the startup’s behalf. These services are high at a cost, which limits its access. The company has launched Tokinex, to provide these services at a lower price, making it accessible to the potential users. The startups, approved to run on Tokinex, will not face any upfront cost and, after completing the fundraiser, the token will become listed in Bitfinex. The company also launched an additional exchange token, LEO, to provide even better services. “What it means to be an exchange has evolved alongside the maturing cryptomarket; it has become an entire ecosystem, not just limited to the remit of digital trading assets,” states Jean Louis van der Velde, CEO of Bitfinex. The company facilitates a graphical trading experience with advanced charting functionality. REST and WebSocket APIs are designed to provide easy access to all the features of their platform and also allow full integration with traders’ products and platforms.

The capabilities of cryptocurrencies have evolved at a rapid speed; Bitfinex finds itself in a position where mass adoption is possible for them. The company has launched Wollo (WLO), one of the most innovative and refreshing projects targeting mass adoptions of cryptocurrencies and financial education. The aim is to build products that even a layperson can understand and engage with intuitively. The Bitfinex team finds the need to replicate existing behavior and recognize globalized families as critical for micro-financing family networks. It will be a significant milestone in their roadmap.