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Bitfinex introduces it’s Decentralized Ethereum Trading Platform ‘Ethfinex’

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Taking a step forward towards a completely decentralize trading model, Bitfinex has launched Ethfinex Trustless an Ethereum-based hybrid cryptocurrency exchange to provide the users with more privacy, security and maximum control of their funds. It gives the users full control of their funds throughout the trading process by utilizing Ethfinex, which links both the off-chain and centralize order books.

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On Ethfinex Trustless users doesn’t require to fill up the KYC requirements during signups, not even that anyone can begin trading without providing their phone number, email, name or address. With a liquid, off-chain order book the platform tries to ensure that users don’t have to sacrifice the custody of their tokens and go through deposit and withdrawal delays.

Every month Ehfinex will distribute Necter tokens to the traders. And users are required to hold a minimum of one Necter token in their Ethereum wallet.

At the initial stage, the trading pairs will include ETH/USDT, OMG/USDT, OMG/ETH, ZRX/USDT, and ZRX/ETH which is expected to increase to 40 more tokens.

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In their Medium blog, the company mentioned that although the centralize exchanges offer users with high liquidity in the order books for the quick exchange of currencies and tokens, it also demands the control of traders currencies along with their personal data. Centralize exchanges are also vulnerable to hacks and often users here face with long waiting periods while withdrawing and depositing funds.

Currently, Ethfinex to offer liquidity trading of around 57 Ethereum based tokens, in an anonymous and trustless way uses MetaMask and Ledger. Traders can here also trade directly against Bitfinex and Ethfinex order books.

In future, the platform will expand itself to integrate margin decisions, profit distribution decisions, user incentives with fee structures.

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