Altcoin Market Signals Recovery As Bitfinex Lists 12 New ERC20 Tokens
One of the biggest bitcoin exchange platform, Bitfinex as of late took to Medium to declare the listing of 12 new altcoins on its trading platfrom:
“We are excited to introduce trading for a diverse set of tokens, each focused around strengthening the impact and capacity of decentralised technologies.”
These 12 new tokens are ERC20 tokens where ERC20 is essentially the technical standard utilized for the smart contracts that are facilitated on the ethereum blockchain.
The rundown of these recently bolstered altcoins incorporates (AION), BnkToTheFuture Token (BFT), Cofound.it (CFI), (DAI), IOStoken (IOST), Loopring (LRC), Medicalchain (MTN), (ODEM), Raiden Network (RDN), Request Network (REQ), SingularityNET (AGI) and (WAX).
Jean-Louis van der Velde, the CEO of Bitfinex expresses the introduction of new listings with:
“The introduction of such a large selection of tokens, representing a diverse array of blockchain-based projects, marks an exciting development for Bitfinex. We are proud to introduce these as we believe that each token serves to strengthen and enliven a unique aspect of the global blockchain ecosystem, and will offer new and exciting trading options for our users.”
For the new introductions, the trading pairs of BTC, ETH, and USD went live on April 7 at 4 PM UTC. The exchange clarifies that as liquidity builds up, the “margin trading and peer-to-peer funding markets will be enabled gradually.”
Bitfinex additionally recognizes that all the new listings have a joined market capitalization of $1.1B+ USD that will offer more prominent exposure to its traders.
In its declaration, Bitfinex made a special mention of DAI token which is a decentralized stable coin on ETH platform. The blog calls attention to that however at first, DAI would be accessible for trading against BTC, ETH, and USD, the exchange will introduce extra trading pairs for the token in future.
The point significant here is the stable coin DAI is in coordinate rivalry with another major stable coin, Tether and Bitfinex share similar directors i.e. Jean-Louis van der Velde. With this consolidate integration, the exchange plans “to connect currently disparate markets and facilitate new trading opportunities across a diverse range of tokens, markets, and exchanges.”
The introduction of BnkToTheFuture token likewise holds value as it appears to claim shares in the exchange. Additionally, in August 2016, Bitfinex signed a letter of intent with BnkToTheFuture “to provide solutions towards compensating customers with equity in Bitfinex.”
With these 12 new listings of ERC20 tokens, Bitfinex is attempting to meet the expectation of its traders and will additionally work towards extending its services.
