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Bitfinex announced the launch of trading platform with Ethereum-based tokens as the main tool

02 August 2017 21:00, UTC

Bitfinex, a cryptocurrency exchange, is currently developing the new trading platform called Ethfinex with decentralized Ethereum token exchange in compliance with the ERC20 standard, CoinDesk reports.

Apart from trading provider, Ethfinex will also be an information center on projects connected with Ethereum and tokens. As the exchange tells in its blog, Ethfinex must become the community and the info center for all developers, traders and enthusiasts, giving them an easy way to debate, develop and trade within the Ethereum ecosystem.

The prerequisites for this platform’s development, according to the statement by Bitfinex, are the last-year hack of exchange when they lost over $60 million and the following issue of their own new tokens designed for payment of damages. The latter, as Bitfinex states, gave an impetus for reshaping the concept of cryptocurrency exchange process and a good lesson on decentralization.

The Ethfinex platform will include its own Nectar (NEC) token that will be distributed among market makers as part of a loyalty program. The white paper of the project, however, explicitly tells that the US residents will not be able to participate in the program or trade using the NEC platform.