With lightning network and Bitrefill, what’s next for Bitfinex?

    2019/12/26 02:38 Jennifer huang Created with Sketch.
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Introduction More than 800 Lightning Network transactions are processed so far by Bitfinex, 600 of which are deposits, adding up to more than 7 bitcoin deposited

On December 9, Paolo Ardoino, CTO of Bitfinex, tweeted that more than 800 Lightning Network transactions are processed so far by Bitfinex, 600 of which are deposits, adding up to more than 7 bitcoin deposited. 

Indeed, from the integration of lightning network to the cooperation with Bitrefill, Bitfinex never stops moving on the road of innovation. It always develops new products and supports the most advanced technology. What’s the development plan of Bitfinex in Asia-Pacific region? What are the advantages of its futures product? What’s the characteristic of its Affiliate Program?

Recently, Paolo Ardoino answered all the questions in an interview with Jinse Finance and Cointime, and also expressed his opinion on the future development of EOS and decentralized exchange.

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As for the development of Bitfinex, Paolo Ardoino indicated that Bitfinex always supports the development of lightning network since the beginning of this new technology. Besides, he regarded Bitrefill as one of the most interesting projects in the industry. On this platform, users of Bitfinex can use their crypto or fiat balance to buy gift cards of big brands, which fulfill the concept of circular economy. The settlement of the funds between the two platforms are made by lightning network, and the integration of Bitfinex and Bitrefill is a successful case of B2B settlements via P2P crypto layer.

Bitfinex recently launched futures with 100x leverage. Paolo Ardoino said that one of the main differences between derivatives and futures of Bitfinex and those of other exchanges is that only verified customers are allowed to use the platform. This limitation may represent a big difficulty for fast adoption but will create a safer environment for traders in the long run.

According to Paolo Ardoino, one of the advantages for institutional customers in using Bitfinex derivatives platform is to get pretty low latency through the colocation service. Meanwhile, Bitfinex provides a competitive fee tiers, which are shared across all the products.

In the interview, Paolo Ardoino also mentioned the Affiliate Program and Developer Reward Program of Bitfinex. Instead of earning only from the direct connection, Bitfinex Affiliates can earn up to 3 degrees of connection. Additionally, an Affiliate may get extra fee multipliers by KYC verification or social media activities. For developers of the platform, they could get 5% of rebate on any order that is generated by their trading library or integration.

When it comes to the education for users, Paolo Ardoino said that Bitfinex has sponsored many crypto-related education projects and published weekly basis articles on different social media. Also, Bitfinex started a collaboration with online platform ODEM to make education more transparent and affordable to everyone.

For Asian markets, Paolo Ardoino said that Bitfinex got a lot of support from Asian Pacific region and is trying to focus on building communities in the area to let people know what Bitfinex is doing for the crypto space.

When asked about the development of EOS, Paolo Ardoino noted that decentralization and no cartels are the biggest challenges for EOS at the moment. Only by solving these problems can EOS become a mainstream blockchain with large adoption. Also, in his opinion, EOSfinex is an example of how an exchange can be built fully on chain, with matching, order books and settlements running on side chain, and settling periodically on main chain.

Paolo Ardoino claimed that decentralized exchanges will focus more on not having custody of users’ funds. Centralized matching and non-custodial system with KYC and AML is the future, which can ensure the safety of users’ funds and meet the conditions imposed by regulations. At last, Paolo Ardoino noted that decentralized exchanges are not the only grail everyone is thinking recently and we may see peer to peer exchanges based on lightning network in the future.

    Adapted from: Executive editor: Fangrui Guo
Declaration:In this article, the original copy of COINTIME, which is copyrighted by COINTIME, shall not be reproduced without authorization, and the authorized media shall specify "News from COINTIME" when quote the article, and the offender will be held accountable according to law.
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