One of the largest cryptocurrency exchanges, the Hong Kong-based Bitfinex has announced the launch of a decentralized trading platform called Ethfinex Trustless. Users will now be able to buy and sell and trade between 57 ethereum based tokens without having to register or verify their ID.
Introducing Ethfinex Trustless - an Ethereum based trading solution placing security, privacy and control in the hands of the user.— Ethfinex (@ethfinex) September 17, 2018
Take control of your trading on https://t.co/KjfSyA0C6O.https://t.co/YYdd1b2LE7
According to the companys blog, a variety of wallets like MetaMask, Ledger, Trezor, and Keystore can be used to connect to the platform. Users were also asked to hold at least one NEC token during the first few weeks. By having that token, users will be able to vote on how the platform develops in the future, including what tokens will be listed. “This involves democratising the decision-making of the platform amongst the users who make the platform what it is.” says the statement.
Initially, the platform will only facilitate trading with ethereum OmiseGo, Tether and 0X. Further 40 more coins will be added in the near future, including dai. Soon, the platform will also be transferred onto the 0x V2 smart contracts.
A week ago, Bitfinex has revealed that a decentralized exchange will be released based on EOS, with a beta version due for a release on September 26.
Why it is important
- The blog adds that Ethfinex Trustless will not suffer from the same issues that affect the centralized exchanges, like delays on transactions, long queues to reach support and the risk of losing assets in case of a cyber attack.
- The ability to connect to the platform through a hardware wallet will spare the need to withdraw or deposit digital assets. Also, liquidity issues are not a threat since the platform is directly linked to Bitfinex and Ethfinex order books.