While the recent Binance hack shook the confidence of crypto enthusiasts, rival exchange Bitfinex announced the integration of the Liquid Network, a digital asset settlement network. The collaboration has allowed Bitfinex to be linked with global players (cryptocurrency exchanges), resulting in faster digital asset transactions for its traders.
Speaking about this partnership, Paolo Ardoino, CTO of Bitfinex, commented that, “issuing Bitcoin, stablecoins, and various other digital assets under one blockchain platform makes a lot of sense.”
He further explained,
“It reduces the integration burden for an exchange like ourselves, and traders can manage all their assets from a single wallet application. We’re excited to be active on the Liquid Network, and we’re looking forward to watching it develop.”
The news quickly caught the attention of many on Twitter. One such Twitter user,@BitcoinisG, showed his appreciation for the development by commenting,
“Nice, premium is also slowly going down“
Further, Blockstream Co-Founder and CEO, Adam Back also gave his two cents on the news. He tweeted,
“Tighter exchange spreads: Traders will be able to rapidly circulate Bitcoin and USDT to benefit from pricing differences; Faster trading; Improved confidentiality: Transactions on Liquid are private by default hiding the amounts and types [to] eliminate risk of front-running”
In the past week, Bitfinex also made public announcements related to the trading of new coins and made major upgrades to their system. The development is good news for an exchange that is at the center of allegations leveled by the New York State’s Attorney General. And while Bitfinex is yet to compete with the world’s largest exchange, Binance is yet to recuperate after a hack cost the exchange 7000 BTCs worth $41 million.