Adaptation and Growth: Bitfinex’s Resilience in the Crypto Revolution Adaptation and Growth: Bitfinex’s Resilience in the Crypto Revolution
Bitfinex leading the charge for global Bitcoin adoption and financial freedom through robust technological innovation.
5 min read
Updated: September 6, 2023 at 1:41 pm
Cover art/illustration via CryptoSlate
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Bitfinex initially emerged in 2012 as a harbinger of change, fueling the evolution of digital trading. Armed with a steadfast mission, Bitfinex set out to provide a robust trading platform for Bitcoin and a plethora of cryptocurrencies. Its advanced trading tools, an extensive selection of trading pairs, and pioneering features like margin trading, lending, and staking swiftly captivated traders, propelling Bitfinex to the forefront of the industry.
Guided by a dedication to financial autonomy, Bitfinex champions the ethos of unrestricted monetary freedom. Today, it stands tall as one of the world’s most popular exchanges, empowering traders with ample liquidity and solidifying its position as an unrivaled powerhouse.
Beyond its trading business, Bitfinex, at its core, continues to be the leading advocate for global Bitcoin adoption, showing its support for breakthrough advancements such as the Lightning Network, where it operates the largest and most liquid nodes. Building on the belief that Bitcoin offers both financial inclusion and financial freedom, Bitfinex has taken on the role of missionary to promote and educate communities and policymakers of the benefits that Bitcoin can bring. Bitfinex has expressed this view in its recently published ‘Bitfinex Freedom Manifesto.’ (More on this below)
Paolo Ardoino, CTO at Bitfinex, said: “We believe that privacy is a fundamental human right and that freedom of speech and financial freedom is an essential cornerstone of delivering individual sovereignty. Furthermore, we believe Bitcoin as a peer-to-peer network is the best way to provide global financial inclusion.”
To achieve this level of commitment for such an ambitious future-driven vision, Bitfinex draws on over a decade of experience in the crypto industry. Where other exchanges or projects have not been up to par or outright failed (such as the recent collapse of crypto behemoth FTX), Bitfinex has not only survived but thrived. In doing so, it has proven to be a solid and resilient partner for traders and crypto believers alike and positioned itself as a front-runner in the industry.
The Evolution of Bitfinex and its Role in the Rise of Bitcoin
The journey of becoming a leading voice in the industry has not been without its fair share of challenges. In 2014, the entire industry was shaken by a hack of what was considered a founding member of the crypto revolution: crypto exchange Mt Gox. Safeguarding customers’ crypto became more and more a focal point after this event, resulting in the emergence of dedicated custodians with multi-sig wallets becoming the industry standard for security. Since its inception in 2012, Bitfinex was among the first to collaborate with such custodians and drove security for its customers to a new level. It regards this as a prerequisite for financial freedom and peace of mind for traders and HODLers.
The exchange’s resilience in the Mt Gox fallout was further evident as it continued to grow and expand its services, becoming one of the top exchanges in the world by volume. In 2017, Bitcoin reached new heights and broke the magical 10K level (and almost doubled in price by the end of the year) thanks to the inflow from growing mainstream interest. Bitcoin dominated news reels worldwide as it (not so quietly) entered the mainstream. Dubbed ‘digital gold,’ people flocked to the industry as the veil was lifted on this new technology frontier and possibilities.
Bitfinex was an integral part of this meteoric rise of Bitcoin, thanks to its functionalities and trading specs. Through its margin trading feature, it allowed traders to borrow funds and take larger positions in Bitcoin, attracting a growing pool of liquidity and trading activity. It also offered Bitcoin as a trading pair against the US dollar, which made it more accessible to traders worldwide.
The exchange continues to be a bridge builder between those in and out of crypto. As a trading platform, it pursues this by bridging a (previously unaddressed) gap between Traditional Finance traders and die-hard crypto traders, creating a more familiar trading experience for the former and thus generating more inflow into the world of Bitcoin.
The Future of Bitfinex – Its Experience Paving the Way Forward
In 2009, when the first ever Bitcoin transaction took place, options to acquire this new type of digital currency were minimal and fraught with risks. Today, Bitcoin is much more accessible, and many exchanges offer fiat on-ramps, OTC desks, and P2P trading for Bitcoin. Despite this, the freedom and privacy that Bitcoin and blockchain technology offer are still not readily available to everyone worldwide.
Looking forward, Bitfinex is on a mission to deliver Financial Freedom and has made three public pledges to support its ambition:
- A Commitment to building open, peer-to-peer communication solutions to enable anyone, anywhere, to interact and transact freely online.
- Support the Lightning Network and similar technologies and contribute to making Bitcoin the most accessible and most efficient transaction solution.
- Invest in the Bitcoin community, including developers and white hat hackers, to ensure the strength, resilience, and immutability of the Bitcoin network.
But how can the crypto exchange deliver on this promise? Firstly, it taps into its experience as one of the earliest exchanges to emerge, immediately at the forefront of new tech and opportunity. Not only was Bitfinex one of the first, but it is also one of the few left standing from those very early days of the industry. The exchange has weathered several challenges and industry-wide controversies over the years, but it has always emerged more robust than before.
To give an idea of the scope of volatility within crypto, a report by Coinjournal.net stated that “failed exchanges in 2018 were at least 23. The number skyrocketed by 252% in 2019 and increased a further 17% in 2020. During 2021, this number remained almost the same as the previous year.”
Applying lessons learned internally and from external events has made Bitfinex the resilient and trusted name it is today, with cutting-edge technology, industry-defining safety, and high volume offered in Bitcoin, available to traders worldwide. Bitfinex’s resilience in the crypto industry is a testament to its commitment to innovation, financial freedom, and security. Bitfinex’s future looks bright as it continues expanding its services and exploring new opportunities in the crypto industry in 2023 and beyond.
More information on Bitfinex
The Bitfinex trading platform offers state-of-the-art digital token trading and services for global traders and liquidity providers. In addition, Bitfinex provides charting tools and access to peer-to-peer financing. Furthermore, Bitfinex also provides an OTC market and margin trading for a wide selection of digital tokens.
Bitfinex’s strategy focuses on providing support, tools, and unprecedented innovation for experienced traders and liquidity providers worldwide. Bitfinex offers users the ability to easily trade various popular coins, including Bitcoin, Ethereum, EOS, Litecoin, Ripple, NEO, and many other digital assets, with minimal slippage.
- Learn more about Bitfinex at bitfinex.com
- Stay up to date with Bitfinex on Twitter
- Join the active community on Telegram
Important Notes
Nothing in this article is financial, investment, or other advice. This article is not an offer to sell or the solicitation of an offer to buy any cryptocurrencies, or a recommendation or endorsement of any course of dealing. The information provided in this article is for informational purposes.
BFXWW Inc. and BFXNA Inc., or their successors (Bitfinex), only make their services available pursuant to their terms of service, which are accessible (as of the date of this article) at https://www.bitfinex.com/legal/exchange/terms (the Terms).
As described in the Terms, the Bitfinex cryptocurrency trading platform and other Services are not offered or made available to Prohibited Persons, such as U.S. Persons or Canadian Persons.
Pursuant to an agreement with the Publisher of this website (the Publisher), Bitfinex or one of its agents or affiliates has paid the Publisher to post this article on its website to help promote Bitfinex.
The matters discussed in this article are subject to a number of risks, trends, and uncertainties that could cause the information in this article to become outdated or inaccurate over time. None of Bitfinex, the Publisher, nor any other person is responsible for updating or revising this article, whether as a result of new information, future events, or otherwise, except as required by law.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
More about BitcoinPaolo Ardoino joined Bitfinex at the beginning of 2015 and now serves as Chief Technology Officer.
More about Paolo Ardoino
Bitfinex is a digital asset trading platform offering state-of-the-art services for digital currency traders and global liquidity providers.
More about Bitfinex