Bitfinex’s new social network targets traders and crypto enthusiasts alike

Bitfinex’s new social network targets traders and crypto enthusiasts alike

Hong Kong-based cryptocurrency exchange Bitfinex announced the introduction a new platform that enables its users to interact with each other. Dubbed Bitfinex Pulse, it is set to meet customers’ demand for a social network tailored towards traders and crypto enthusiasts alike.

Paolo Ardoino, CTO at Bitfinex, affirmed that after the success that the public leaderboard has had since it was launched in Sept. 2019, it was time for a platform that allows users to communicate and share their respective ideas about the cryptocurrency market.

Ardoino stated:

“We have launched Bitfinex Pulse in response to the demand of our users for a professional content distribution platform for traders. Building on the success of the public leaderboard — which has already created crypto icons on Twitter — Bitfinex Pulse will foster the friendship and community spirit that makes Bitfinex a unique place to trade.”

The new social network will allow verified Bitfinex users to openly share publicly or privately the content of their choice, as well as communicate with their fellows. Meanwhile, unverified users are only going to be granted access to private posting.

What distinguishes Bitfinex Pulse from other social network trading platforms, such as eToro, is the emphasis it puts on the “niche, high-quality content” that a more technically proficient audience requires, explained Ardoino. This will allow customers not to get polluted by speculative ideas that are common in the so-called crypto Twitter when emotions run high in the market.

Even though it is unknown how many customers have signed up for the new social network, Ardoino affirmed that users are spending more time using Bitfinex and are becoming more engaged.

Ardoino added:

“We have seen a large increase year-to-date (YTD) in active user engagement, reaching over 20%, along with a growth in new user acquisition and trade volumes. On average, our users’ YTD time spent on the platform is up 21.55%.”

Santiment, a financial market data and content platform, was one of the first firms to announce its support for Bitfinex Pulse.  The behaviour analytics company will be providing timely and data-driven analysis on the crypto market for the Bitfinex community.

As the new social network debuts, only time will tell whether or not Bitfinex’s users will rush to sign up and enjoy the benefits of a crypto trading oriented community.

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