Crypto exchange Bitfinex introduces Ethfinex Trustless

Crypto exchange Bitfinex has introduced Ethfinex Trustless – an Ethereum-based trading solution which places security, privacy and control in the hands of the user.

“With Ethfinex Trustless there are no signups, no deposit or withdrawal delays and no sacrificing custody of your tokens. Users retain full control of their funds throughout the entirety of the trading experience whilst executing trades against a highly liquid off-chain order book to ensure a high quality trading experience,” the announcement reads.

By connecting directly to the Bitfinex/Ethfinex order book, Ethfinex Trustless allows users to leverage a high-liquidity, low-spread trading experience without the need to sacrifice the control over their tokens.

Users are required to hold at least 1 Nectar token (NEC) in their Ethereum wallet for the first 2 weeks in order to trade. Ethfinex distributes Nectar tokens to users on a monthly basis based on their trading volumes.

The initial pairs will be ETH/USDT, OMG/USDT, OMG/ETH, ZRX/USDT, and ZRX/ETH, with over 40 tokens to be added following a successful roll out.

“Ethfinex Trustless is a first step towards building a decentralised trading platform. Through removing the multitude of concerns associated with current centralised trading platforms, Ethfinex aims to power a new era of digital asset trading — an era in which security, privacy and liquidity is placed in the hands of the user,” Bitfinex said.

With Ethfinex, Bitfinex aims to create a community-governed trading platform where platform fees, token listings, and governance decisions are distributed amongst users. First announced in August 2017 and subsequently launched in beta in December, Ethfinex has steadily grown and now processes daily volumes averaging over $70 million.

“The complete launch of Ethfinex maintains the sense of continuous progress within the Bitfinex community and underlines our credentials as a true pioneer in this ever evolving and exciting exchange landscape. This is a firm demonstration of our commitment to accelerating the development of the blockchain trading ecosystem, extending our reach to a wide variety of traders worldwide, allowing them to take advantage of both centralised and on-chain trading opportunities,” Paolo Ardoino, Chief Technology Officer at Bitfinex said.

Ethfinex allows for seamless trading through Ledger, MetaMask, Trezor and Keystore, providing trustless, anonymous and high-liquidity trading solutions to over 57 Ethereum based tokens. As an on-chain platform, the Ethfinex Portal enables instantaneous trading, globally, by removing the need for registration, deposits, and identity confirmation. In addition to this, comprehensive integration with the central Bitfinex order books brings a highly liquid trading experience to users. With trades settled directly on Ethereum, the Ethfinex Portal mitigates the need for trust and places control back in the hands of the user.

The announcement comes hot on the heels of an introduction to EOSfinex last week. Bitfinex revealed its plans to launch EOSfinex, which is described as “a high-performance, decentralised exchange built on EOS.io. technology.”

The platform will “facilitate a highly-scalable network of peer-to-peer value exchange, unconstrained by borders and built around a foundation of transparency, speed and integrity.”