Ethfinex to be Closed as its Operator Bets on Decentralization

Ethfinex to be Closed as its Operator Bets on Decentralization 101
A logo of DeversiFi

In an attempt to focus on the Decentralized Finance (DeFi) community, Ethfinex, a crypto trading platform operated by iFinex, which also controls major crypto exchange Bitfinex, is becoming DeversiFi.

“With DeversiFi now able to compete with existing centralized exchanges, we are closing down Ethfinex.com and revamping the Nectar (NEC) token as we transition towards full decentralization,” Will Harborne, CEO of DeversiFi, said in a blog post.

Ethfinex Trustless, the hybrid Ethereum exchange platform launched by Bitfinex in mid-2018, becomes DeversiFi today, while Ethfinex.com, the centralized platform that was launched in 2017, to be closed next month.

“Traders of Ethfinex Centralized will be able to trade on DeversiFi by withdrawing their tokens to a privately owned wallet. Users who do not wish to withdraw their funds from Ethfinex Centralized will automatically be moved to Bitfinex once Ethfinex Centralized closes its doors in September 2019,” the company said in a press release.

According to Harborne, they see the new platform “as a necessary next step forward towards our goal of empowering traders through fast convenient and self-managed decentralized financial technology.”

The platform claims that it is a “high-speed decentralized exchange where traders can execute orders of any size directly from the security of their private wallet, whilst accessing the liquidity of large existing exchanges.”

The company said it will launch new products and features, such as decentralized margin trading and lending, as well as invest in decentralized exchange technology, “to better serve the needs of the rapidly growing DeFi community.”

Also, DeversiFi aims to present “a brand new model” of Nectar (NEC), the native token of Ethfinex, on August 21.

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Ethfinex is ranked 92nd by trading volume (USD 9.5 million in the past 24 hours), according to Coinpaprika.com.

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