Cryptocurrency exchanges Ethfinex and Bitfinex support trading for all six of the major stablecoins in the market. Adding its support for Tether’s USDT and MakerDao’s Dai, the sister platforms recently added USD Coin, TrueUSD, Paxos Standard Token, and Gemini USD. All stablecoins that are available on the exchanges will be traded against the US Dollar.
Launched right in this year, Ethfinex is the ERC-20 exchange arm of Bitfinex. Mainly built for trading Ethereum tokens, the exchange is currently centralized, but the team has plans to transform it into a decentralized exchange in the near future.
Bitfinex announced on December 4, 2018, through a blog post stating –
“From today, customers of Bitfinex and Ethfinex will be able to trade all six major stablecoins on both exchanges. At Bitfinex and Ethfinex, we’re dedicated to providing high quality, an unbiased meeting place for every ecosystem and customer.”
Bitfinex has promised to remain unbiased with its intrinsic ties to Tether. Both Tether and Bitfinex share a CEO, and the interoperations between the both, that critics have regarded as dusky, have called the credibility of Tether into question, paving the way for the projects that Bitfinex has just added.
One of the major issues stemming from the cryptosphere is volatility. Many virtual assets are regarded for experiencing wild price swings which can cause traders to incur unexpected and swift losses.
Ethfinex and Bitfinex were the first virtual currency exchanges to introduce their consumers to Dai, which is an Ethereum-based stablecoin. The addition of the four new stablecoins follows Bitfinex rolling out the US Dollar and euro fiat pairs for Tether in November 2018.
The oldest and most famous of the stablecoins, Tether was launched in 2014. It was allegedly tied to USD to be available to crypto traders unless until this year at the time when the market saw the addition of several new stablecoins which brought Tether’s competition to higher ground.
At press time, both withdrawals, as well as deposits for these six coins, are reserved only for verified traders across both the platforms. However, trading itself remains unaffected by a customer’s verification status.