Ethfinex diverges from Bitfinex to become DeversiFi, a new decentralized exchange [UPDATED]

Ethfinex diverges from Bitfinex to become DeversiFi, a new decentralized exchange [UPDATED]

Ethfinex, the decentralized exchange formerly run by Bitfinex, is separate into a new separate entity called DeversiFi. The service will allow users to execute orders directly from their private wallets.

An advanced Ethereum decentralized exchange

Ethfinex Trustless, a community-driven exchange developed by Bitfinex, will be evolving into DeversiFi, the company announced in a press release shared with CryptoSlate. The new exchange will exist independently from Bitfinex and will offer multiple new features the company has been working on for the past two years.

DeversiFi will deliver deep order books, narrow spreads and fast execution speeds, the company said, while providing the same performance large, centralized exchanges do. Bitfinex also claimed that DeversiFi is the first and only high-speed decentralized exchange that allows traders to execute orders of any size directly from their private wallets.

The exchange will introduce leveraged trading while keeping margin trading as simple as possible. Lending features will also be provided on the platform, allowing traders to lend directly within the Deversifi interface.

Successful scaling of Ethfinex

Will Harborne, the CEO of DeversiFi, said the new decentralized exchange was a “necessary next step forward” towards the company’s goal of providing a premium service to its clients. Ethfinex Trustless had successfully scaled to the point where users could expect the same performance as that of a centralized exchange.

Paolo Ardoino, CTO of Bitfinex, echoed the statement saying the achievements made by the Ethfinex team have been “incredible.” He also added that DeversiFi was on the right path to facilitate the transition to a decentralized financial world.

According to the company’s press release, all previous users of Ethfinex Centralized will automatically be moved to Bitfinex after it officially closes in September 2019. In the meantime, DeversiFi will be launching new products and features. We are yet to see how Bitfinex’s promises hold up in the next few weeks when more users get on the DeversiFi platform.

Update Aug. 15 @ 2:01 pm Pacific time: This article was updated to clarify that DiversiFi is a separate entity from Bitfinex.

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Priyeshu Garg

Priyeshu Garg

Crypto Analyst @ CryptoSlate

Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. He holds an engineering degree in computer science engineering and is a passionate economist. He built his first digital marketing startup when he was a teenager, and worked with multiple Fortune 500 companies along with smaller firms. When he is not solving transportation problems at his company (Ola), he can be found writing about the blockchain or roller skating with his friends.

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