Ethfinex to reemerge as DeversiFi on October 12

Decentralized exchange for Ethereum-based token is closing down this month and will reemerge as DeversiFi. Ethfinex will merge its volumes with BitFinex. Currently, Bitfinex is facing a lawsuit along with its parent company, iFinex, and Tether for allegedly using USDT to cover up losses of $700 million.

Ethfinex had earlier announced to separate itself from Bitfinex and launch as DeversiFi. DeversiFi would allow customers to execute orders directly from their private wallets. Ethfinex was a community-driven exchange developed by Bitfinex. DeversiFi would exist separately from Bitfinex and will offer various new features according to the company’s official blog.

DeversiFi will deliver deep order books, narrow spreads, and fast execution speeds. The exchange will offer leveraged trading while keeping margin trading as simple as possible. CEO of DeversiFi, Will Harborne, said that the new decentralized exchange was a necessary step forward to provide a premium service to its clients. Currently Bitfinex is facing a lawsuit for allegedly covering up losses woth $700 million using USDT.

CTO of Bitfinex, Paolo Ardoino said that achievements made by the Ethfinex team have been incredible, and DeversiFi is on the right path to facilitate the transition to a decentralized financial world. The switch is coming at a crucial time as ETH tokens are becoming more important for decentralized finance and lending.

Ethfinex carried a volume of about $1.81 million in 24 hours. The exchange carried 256 trading pairs, which will now switch to the new market. Currently, ETH is highly active, and at the time of writing, it is changing hands at $183 recovering from recent fall too low $170.

Alexander Aryan
Alexander Aryan
After completing his Masters in Business Administration and Management from the California State University, Alexander dedicated his life into studying and writing about bitcoin and the technology behind it as he believes it to be the money of the future. Apart form being a writer, Alex is also a great speaker and loves to participate in blockchain events.

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