British Virgin Islands-based crypto trading platform, Bitfinex, has revealed that its users can now trade the GBP, and JPY against the USDT and the GBP/EURt. Part of the announcement which was issued today stated that the goal of these additional margin trading services is to expand its stablecoin offers and more importantly, meet with customers’ expectations and the paradigm shift in the crypto market.
The New Trading Pairs Come With Leveraged Options
The announcement further states that Bitfinex traders can access leverage options for these trading pairs. The team further stated that these new additions fit the company’s objective of being a platform that doesn’t discriminate against any coin. By allowing these new currency spot pairs, Bitfinex continues to make more efforts to become a fully-fledged spot trading platform where users can access various order types and make more profits.
In his response to the announcement, the platform’s CTO, Paolo Ardoino, stated that “we are happy to increase the number of available trading pairs for our users. We expect these new additions to be of profound interest to our users, especially professional and fund traders who manage hedge and forex trades for their investors.”
Making The Global Economy Better With Time
Bitfinex’s decade-long experience means it has the experience to keep providing financial service products that suit the market and at the appropriate time. In the last quarter, Bitfinex partnered with a Nuvei-subsidiary (Simplex) to enable its users’ access to crypto–on-ramp features. Simplex provided the funding options that enabled Bitfinex users to use their credit cards to purchase cryptocurrencies.
Last September, the platform launched a securities-token platform for investors willing to access several investment options in the blockchain and crypto worlds. In the first quarter of last year, the exchange announced a collaboration with Clearloop, which allowed institutional investors, particularly hedge funds and asset managers to ‘engage with’ top virtual assets such as BTC and ETH. Clearloop provides off-exchange settlement and clearing services to institutional clients.
The Bitfinex Advantage
Several surveys have shown that nearly 35% of the global population can’t access loans, checking accounts, and other basic banking services which can be hugely important in times of personal financial crisis. Consequently, Bitfinex aims to bridge this gap by enabling a wider audience to access various crypto offerings that make it easier to access similar or even better than the banks’ basic services.
A side benefit of accessing these services through digital currencies is that it involves fewer bureaucracies, no involvement of third parties, and users can access these services regardless of their location. Bitfinex has been in the news this week following the announcement that its hacked BTC has been recovered by the Justice Department.
Following the announcement, Twitter has been agog with many speculating on how Bitfinex should go about disbursing the recovered funds. Even Binance CEO, CZ, waded in on the matter suggesting that Bitfinex needs to compensate those who took a loss during the time of the hack.