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The journey of becoming a leading voice in the industry has not been without its fair share of challenges. In 2014, the entire industry was shaken by a hack of what was considered a founding member of the crypto revolution: crypto exchange Mt Gox. Safeguarding of customers' crypto became more and more a focal point after this event, resulting in the emergence of dedicated custodians with multi-sig wallets becoming the industry standard for security. Since its inception in 2012, Bitfinex was one of the first to collaborate with such custodians and drove security for its customers to a new level. It regards this as a prerequisite for financial freedom and peace of mind for traders and HODLers.
The exchange's resilience in the Mt Gox fallout was further evident as it continued to grow and expand its services, becoming one of the top exchanges in the world by volume. In 2017, Bitcoin reached new heights and broke the magical 10K level (and almost doubled in price by the end of the year) thanks to the inflow from growing mainstream interest. Bitcoin dominated news reels all over the world as it (not so quietly) entered the mainstream. Dubbed ‘digital gold’, people flocked to the industry as the veil was lifted on this new frontier of technology and possibilities.
Bitfinex was an integral part of this meteoric rise of Bitcoin thanks to its functionalities and trading specs. Through its allowed traders to borrow funds and take larger positions in Bitcoin, attracting a growing pool of liquidity and trading activity. It also offered Bitcoin as a trading pair against the US dollar, which made it more accessible to traders worldwide.
The exchange continues to be a bridge builder between those in and out of crypto. As a trading platform, it pursues this by bridging a (previously unaddressed) gap between Traditional Finance traders and die-hard crypto traders, creating a more familiar trading experience for the former and thus generating more inflow into the world of Bitcoin.
The Future of Bitfinex - Its Experience Paving the Way Forward
In 2009, when the first ever Bitcoin transaction took place, options to acquire this new type of digital currency were extremely limited and fraught with risks. Today, Bitcoin is much more accessible and many exchanges offer fiat on-ramps, OTC desks and P2P trading for Bitcoin. Despite this, the freedom and privacy that Bitcoin and blockchain technology offers is still not yet readily available to everyone in the world.
Looking forward, Bitfinex is on a mission to deliver Financial Freedom and has made three public pledges to support its ambition:
- A Commitment to building open, peer-to-peer communication solutions to enable anyone, anywhere to interact and transact freely online.
- Support of the Lightning Network and similar technologies and contribute to making Bitcoin the most accessible and most efficient transaction solution.
- Invest in the Bitcoin community, including developers and white hat hackers, to ensure the strength, resilience and immutability of the Bitcoin network.
But how can the crypto exchange deliver on this promise? Firstly, it taps into its experience as one of the earliest exchanges to emerge, immediately at the forefront of new tech and opportunity. Not only was Bitfinex one of the first, but it is also one of the few left standing from those very early days of the industry. The exchange has weathered several challenges and industry-wide controversies over the years, but it has always emerged stronger than before.
To give an idea of the scope of volatility within crypto, a report by Coinjournal.net stated that “failed exchanges in 2018 were at least 23. The number skyrocketed by 252% in 2019 and increased a further 17% in 2020. During 2021, this number remained almost the same as the previous year.”
Applying lessons learned, both internally and from external events, have made Bitfinex the resilient and trusted name it is today, with cutting-edge technology, industry-defining safety and with high volume offered in Bitcoin, available to traders worldwide. Bitfinex' resilience in the crypto industry is a testament to its commitment to innovation, financial freedom, and security. Bitfinex' future looks bright, as it continues to expand its services and explore new opportunities in the crypto industry in 2023 and far beyond.
More information on Bitfinex
The Bitfinex trading platform offers state-of-the-art digital token trading and services for global traders and liquidity providers. In addition, Bitfinex provides charting tools and access to peer-to-peer financing. Furthermore, Bitfinex also provides an OTC market and
Bitfinex’s strategy focuses on providing support, tools, and unprecedented innovation for experienced traders and liquidity providers around the world. Bitfinex offers users the ability to easily trade a variety of popular coins, including Bitcoin, Ethereum, EOS, Litecoin, Ripple, NEO, and many other digital assets with minimal slippage.
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Important Notes
Nothing in this article is financial, investment or other advice. This article is not an offer to sell or the solicitation of an offer to buy any crypto currencies or a recommendation or endorsement of any course of dealing. The information provided in this article is for informational purposes.
BFXWW Inc. and BFXNA Inc., or their successors (Bitfinex) only make their services available pursuant to their terms of service which are accessible (as of the date of this article) at https://www.bitfinex.com/legal/exchange/terms (the Terms).
As described in the Terms, the Bitfinex cryptocurrency trading platform and other Services are not offered or made available to Prohibited Persons, such as U.S. Persons or Canadian Persons.
Pursuant to an agreement with the publisher of this website (the Publisher) Bitfinex or one of its agents or affiliates has paid the Publisher to post this article on its website to help promote Bitfinex.
The matters discussed in this article are subject to a number of risks, trends and uncertainties that could cause the information in this article to become outdated or inaccurate over time. None of Bitfinex, the Publisher nor any other person is responsible for updating or revising this article, whether as a result of new information, future events or otherwise, except as required by law.