Bitfinex, the largest Bitcoin exchange, has announced support for 12 additional tokens to its popular trading platform — all of which are “focused around strengthening the impact and capacity of decentralised technologies.”
A Dirty Dozen
As of 4 PM UST, Bitfinex has enabled trading for the following cryptocurrency tokens:
- Aion (AION)
- IOSToken (IOST)
- Request Network (REQ)
- Raiden Network (RDN)
- Loopring (LRC)
- BnkToTheFuture Token (BFT)
- Cofound.it (CFI)
- Wax (WAX)
- SingularityNET (AGI)
- MedicalChain (MTN)
- Odem (ODEM)
- Dai (DAI)
Naturally, deposits and withdrawals for the newly-supported tokens are also enabled.
Furthermore, each of the 12 new tokens added to the platform is tradable against Bitcoin (BTC), Ethereum (ETH), and USD. As noted by the platform:
Margin trading and peer-to-peer funding markets will be enabled gradually, as sufficient liquidity develops.
Fostering Innovation
Some (or all) of the 12 tokens listed might come as a surprise to many cryptocurrency investors, as most of them are dark-horse tokens, to say the least. BnkToTheFuture token, for example, has been on the market for less than a month and is currently ranked 1327 by market capitalization.
However, Bitfinex has officially given their endorsement to the 12 cryptocurrency projects, which have a combined market capitalization of over $1.1 billion USD. In addition to stating that these tokens “offer our traders greater exposure to a broader range of innovative digital assets,” the platform explains:
Today’s additions are a curated selection of high-quality projects, each pioneering research within various sectors of blockchain development. From decentralised exchange protocols and payment solutions to scaling and blockchain 3.0, we are pleased to provide a platform of support and growth for these teams and their respective communities.
Jean-Louis van der Velde, Bitfinex’s Chief Executive Officer, also issued an official statement, writing:
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.
Of course, gaining admittance to a major cryptocurrency exchange rarely comes for free. However, it is unknown how much it cost — if anything — for each project to gain admittance to Bitfinex’s platform.
Perhaps most notably, Bitfinex specifically notes its addition of MakerDao’s Dai, a digital, decentralized stablecoin built on Ethereum, writing:
Dai will initially be made available against BTC, ETH, and USD whilst we explore the possibility of adding additional DAI pairs.
Bitfinex offers trading with Tether (USDT), which some believe is a ticking time bomb. The addition of an Ethereum-based stablecoin may signal a minor move away from the platform’s reliance on Tether.
What do you think of the 12 tokens added to Bitfinex’s platform? Are you surprised by any (or all) of them? Let us know in the comments below!
Images courtesy of Bitfinex, Shutterstock