Bitfinex Exchange appears to be on the move after launching the fiat (USD) trading on their platform; they have announced the launch of USDT market for Bitcoin (BTCUST) and Ethereum (ETHUST). This follows the exchanges’ promise last year to add more trading pairs in a phased approach.
The addition of USD was aimed at expanding the fiat range. The creation of a bridge between crypto and fiat is a direct response from the user demand and the latest addition will offer more customer satisfaction and convenience. The announcement comes at a time when there is a lot of exit from fiat to crypto economies and vice-versa and Bitfinex is poised to ease the complexity involved.
Optimization of Cross Market Pairings
While making the announcement on Twitter earlier today, a statement from the Bitfinex exchange said:
“We are pleased to announce the launch of USDT markets for both Bitcoin (BTCUST) and Ethereum (ETHUST) in an effort to optimize cross-pair market making capabilities.”
The launch ushers in new tickers that will make it easier for the traders to identify during trades according to their official blog:
“Tickers for the newly-launched pairs will be ‘BTCUST’ and ‘ETHUST’.”
The Bitfinex exchange announcement goes on to ad:
“At Bitfinex we strive to provide our user base with a diverse array of tools for running high-quality market differentiating trading strategies. In line with this, the launch of additional Tether-denominated trading pairs for Bitcoin and Ethereum is a step towards simplifying and optimizing cross-exchange market making capabilities across USDT pairs.”
Additional Market Liquidity
The additional cross pairs will see some injection of market liquidity, an aspect that many exchanges have been missing. In addition, the addition of BTCUST and ETHUST will see increased blockchain technology adoption and broadening acceptance.
The last ten years have seen the barriers between the crypto and fiat economies come down and the Bitfinex move is a huge milestone in the industry. The new markets for Bitcoin and Ethereum are set to spur the entire market north despite the uncertainties brought about by crypto regulations and select government resistance.
To make it easy for the platform users, the statement concludes by adding:
“As always, our dedicated support team is available 24/7 for any queries around this update.”
In addition, the platform offers spot on trading with major crypto and altcoins listed. They also take pride in having the most liquid order book in the world and the addition of the new pair means more liquidity and their security is guaranteed.