How much can be achieved in six months? At Bitfinex, the answer is “LOTS!”
‘It’s not what you watch; it is what you see. – Henry David Thoreau
2020 has been a challenging year for all of us. The global economy is on a downward spiral as governments struggle, industries shrink and many businesses collapse as a result of the global pandemic and humanitarian crisis.
But when people see the hole, we see the whole donut. What everyone sees as a debacle, Bitfinex sees as an opportunity. The chaos has challenged many people about what they have always believed, which we see as the perfect opportunity to introduce them to the many possibilities of cryptocurrency.
Despite the ongoing crisis, Bitfinex remained focused on the mission to build a transparent and scalable infrastructure of innovative financial products that are accessible to everyone, regardless of their level of expertise or experience. In line with our mission, we have worked hard to deliver products and features for the benefit of our users, the cryptocurrency community in general, and those new to the cryptocurrency industry as mentioned above.
Here are the highlights of what we’ve done so far this year:
Top 10 updates not to be missed
Bitfinex introduced new payment options – payment with credit and debit cards – allowing a wider audience to access cryptocurrency.
Trying out different trading strategies can be easily tried out with Bitfinex sub-account function.
We have our setting program and paid out our first $ 100,000 rewards within less than a month of launch. We have also published educational content to help our community get to know our new service better.
We have launched our own news aggregator and social platform to enrich the social trading activities of crypto traders.
In response to customer demand, Bitfinex launched the Paper Trading feature which provides users with the opportunity to learn and upgrade their trading skills and strategies in a safe environment.
We have introduced zero trading fees promotion for Tether / US Dollar (USDt / USD) pair to reward our active and loyal customers.
Were designed Bitfinex Reporting Framework to make it easier for traders to track their trading performance.
UNUS SED LEO holders will enjoy one new discount scheme based on the calculated amount on main and sub accounts.
We have revamped our website to provide the best user and trading experience and have the color blind friendly theme on the Bitfinex mobile app.
New quotes, futures trading and margin trading leverage
Updated margin trading for different cryptocurrency pairs
- Tezos: higher maximum leverage of 3.3x and lower initial equity of 30%.
- Ethereum: higher maximum leverage of 5x and lower initial equity of 20%.
- EOS: higher maximum leverage of 5x and lower initial equity of 20%.
- Bitcoin: 5x higher maximum leverage.
- XRP: Increased maximum leverage of 5x.
- Litecoin: Increased maximum leverage of 5x.
- Cosmos: maximum leverage of 2x, starting power of 50% and a maintenance margin of 20%.
- Algorand: maximum leverage of 2x, initial equity of 50% and maintenance margin of 25%
- FTX token: maximum leverage of 1.66x, initial equity of 60% and maintenance margin of 30%.
- Futures trading for Tether Gold / Tether pair launched
Provide more access to the gold linked digital asset, Tether Gold, futures trading for XAUTF0 / USTF0 is available on Bitfinex Derivatives *.
Bitfinex users can deposit and withdraw USDt with Algorand transport protocol on Bitfinex.
Bitfinex introduced one new token list form to streamline the token listing application process and ensure its fairness.
More than $ 500,000 in benefits has been paid associates.
Bitfinex LN’s capacity is increasing, reaching a new milestone as the 5th largest capacity.
We have upgraded Lightning capacity to better serve the needs of our users. We also opened 65 new ones Lightning channels with our users and more than 500 BTC added, making Bitfinex’s total Lightning capacity up to more than 71 BTC.
Bitfinex on-board Fulgur Alpha, a $ 280 million cryptohedge fund to its platform, which Bitfinex has cemented as the go-to venue for major crypto funds, market makers and arbitrageurs.
When the crypto market crashed, Bitfinex smoothly processed $ 2 billion in trading volume within 24 hours.
Bitfinex launched a post-trade service for institutional investors, in partnership with Koine.
We hit the first 20M UNUS SED LEO Coins burned.
US $ 130 million in tokens wagered on Bitfinex’s stakeout program within a month of launch.
Only within a month of launch, Bitfinex Pulse welcomed 5,000 traders.
Bitfinex launched Flicker that helps detect potentially improper trading activities and combat abusive practices such as money laundering.
Competitions, giveaways and more user benefits
Bitfinex pitched one trade competition, in partnership with Chiliz (CHZ), giving users the opportunity to showcase their trading skills and win the soccer ball signed by Juventus players.
We threw a merchandise to give away in response to community demands for Bitfinex merchandise.
We threw the “Bitcoin Pizza Day, Bitcoin Pizza Yay” contest to celebrate Bitcoin’s first commercial transaction.
Bitfinex celebrated the first anniversary of UNUS SED LEO burnday by throwing the “Win and trade like a LION” contest.
In association with SantimentBitfinex users get an exclusive offer of 30-day free trial of Santiment’s data where they can get a 360 degree view of the crypto market and invaluable insights
Educational content and explanation
The Lightning series explained everything about the Lightning Network.
Bitfinex CTO, Paolo Ardoino spoke about the company’s willingness to serve and support institutional investors as they enter the crypto market.
All of our features are built with users’ interests in mind so we want them to know how to use them.
Bitfinex Reporting framework setup
Bitfinex of course ODEM.
We spoke about the various derivative products in the crypto ecosystem to inform our users.
Bitfinex joined the crypto community by celebrating Bitcoin’s third halving by one educational series around one of the most anticipated events in the crypto space.
The content showed traders how to get started and get the most out of Bitfinex Pulse.
And we have just started! It’s been a great year so far and as we travel through the second half of the year we know it will get even better.
If you don’t have an account with Bitfinex, you can get started by clicking the button below. Try out our new Paper Trading feature so you can test all the powerful features of a safe trading environment with a test balance.
Here’s to close the year strongly 🍻