ADVERTISEMENT

Ethfinex to reemerge as DeversiFi on October 12

ADVERTISEMENT

Must Read

Bitcoin rises to $8,000 as Britain reaches a Brexit deal – Bitcoin News

Today marks a historic day as the European Union, and Britain reached a Brexit deal. Many experts and analysts...

BTC.com and Antpool co-discover the same block – Bitcoin Mining News

Bitcoin network initiated a rare event where two highly competitive pools co-discovered the same block. In the end, one...

Infamous Darknet website that sold credit cards gets hacked – Dark Web News

BrainsClub, a well known Darknet website, got a taste of its medicine as a hacker, stole the information from...
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.

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.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

Leave a reply

Please enter your comment!
Please enter your name here

Latest News

Bitcoin rises to $8,000 as Britain reaches a Brexit deal – Bitcoin News

Today marks a historic day as the European Union, and Britain reached a Brexit deal. Many experts and analysts...

More Articles Like This