Hong Kong-based Bitfinex has introduced 12 new altcoins to its leading trading platform. All 12 coins are based on the Ethereum ERC20 protocol.
The new coins were added to Bitfinex on April 7th, 2018, with trading pairs in BTC, ETC and USD. The coins are as follows:
Request Network (REQ)
Raiden Network (RDN)
BnkToTheFuture Token (BFT)
Margin trading and peer-to-peer funding will be available as liquidity develops for the new coins which mark a “significant addition” for Bitfinex. The leading professional cryptocurrency trading platform has a 24-hour trading volume of $500 million USD. The 12 coins have a combined market capitalization of over $1.1 billion USD.
A Selection of High-Quality Projects
The new coins for Bitfinex are a curated “selection of high-quality projects, each pioneering research within various sectors of blockchain development,” and will give traders increased exposure to a wide range of assets. Bitfinex is already a market leader, with a comparably broad selection of digital assets available to trade.
“The introduction of such a large selection of tokens, representing a diverse array of blockchain-based projects, marks an exciting development for Bitfinex. We are proud to introduce these as we believe that each token serves to strengthen and enliven a unique aspect of the global blockchain ecosystem, and will offer new and exciting trading options for our users.”
Two of the new additions are notable. Firstly, Ethereum built stablecoin Dai (DAI) may compete directly with Tether (USDT). Tether has the same directors as the Bitfinex platform, with Jan Ludovicus van der Velde as CEO to both.
“Dai will initially be made available against BTC, ETH, and USD whilst we explore the possibility adding additional DAI pairs.”
Secondly, the Bnktothefuture online investment platform offers customers the opportunity to invest more conventionally in digital currency exchanges and other blockchain firms including Bitfinex, Kraken and BitPay.
Bitfinex competitor Coinbase also announced recently its intention to support the ERC20 technical protocol which could pave the way for Coinbase to add ERC20 tokens to its much smaller selection of cryptocurrencies offered.
ERC20 is an Ethereum technical protocol, increasingly common as the backbone for new coins and tokens.
Molly Jane is a Russian Literature major from California with a background in writing. She joins CurrencyTimes after working as a freelance journalist and blogger.