Cryptocurrency exchange giant Bitfinex has disclosed a “distributed banking solution” that it says will be a “resilient” solution to its much-chronicled banking woes.
Announced on Tuesday, the new system will allow KYC-verified users to instantly begin initiating fiat deposits across USD, GBP, JPY, and EUR, that had been paused for nearly a week.
Under the new system, eligible users should initiate a fiat deposit through their exchange accounts, that involves specifying the exact amount and currency they plan to deposit. Within 48 hours, the cryptocurrency exchange can send the user a deposit notification approving the transfer and providing the bank details specific to that individual transaction.
Alleging that this new system can allow the exchange’s operations to be a lot of “durable,” the company said:
“We believe this system to be significantly more durable in the face of sustained attacks by our competition and their supporters. Ongoing campaigns against us will only result in our company becoming stronger and better.”
Bitfinex — that reportedly shares a management team with Tether, issuer of the controversial USDT stablecoin — didn't reveal the bank(s) with whom it's operating, nor did it explain the nature of those banking relationships.
However, screenshots purportedly from Bitfinex accounts show a message that sternly warns traders not to reveal banking info to anyone outside of their financial institutions, as doing so might “damage…the entire digital token ecosystem.”
The message says:
“This banking information is being provided to you for purposes of contributing good faith funding to your account on Bitfinex….This banking information is commercially sensitive and confidential. You should be very careful with this information. You are asked to keep this information to yourself and to not share it except with your financial institution. Divulging this information could damage not just yourself and Bitfinex, but the entire digital token ecosystem. Accordingly, you are cautioned that there may be serious negative effects associated with this information becoming public.”
As CCN reported , Bitfinex has long struggled to find a stable banking partner, ever since Wells Fargo stop access to its services last March. The exchange is claimed to possess bounced around to a variety of banks within the months that followed, before seemingly finding a willing partner in Puerto Rico’s Noble Bank. However, Noble Bank recently filed for bankruptcy, about the same time that Bitfinex and Tether withdrew their reserves from the institution.
Following its departure from Noble Bank, Bitfinex is claimed to have concisely held funds at banking giant HSBC, though that relationship was reportedly severed so quickly that it’s not clear whether HSBC was aware that it was holding Bitfinex funds once the account was opened.
According to CoinMarketCap, Bitfinex often ranks as one of the world’s largest cryptocurrency exchanges. Its market share has climbed in recent days amid market volatility connected with the loss of Tether’s USD peg. Over the past 24 hours, the platform has seen nearly $544 million in volume, that is second only to Binance. In the past month, the company has processed over $13.5 billion price of trades, creating it the fourth preferred cryptocurrency exchange.
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