At the end of last week, cryptocurrency exchange ‘Bitfinex’ announced that they would be adding new tokens to their exchange with an estimated market cap of $1.1billion. The 12 new additions include tokens such as Loopring and IOSToken.
This is a significant step forward for both Bitfinex and their customers, offering users 12 new avenues to explore, opening up an array of new investment and trading opportunities that where otherwise unavailable on the platform.
I believe that in order to maintain true transparency, moves like this are vital in ensuring that both the markets move forward and that, most importantly, traders have access to all of the coins they want to use. Its a key part of the cryptocurrency principle, limiting the currencies traders can use in certain areas (often, this is unavoidable) tarnishes the idea that it’s a totally liberated network, free form the shackles of government led and approved currencies.
Jean-Louis Van Der Velde, CEO of Bitfinex has commented on the move, saying that:
“The introduction of such a large selection of tokens, representing a diverse array of blockchain-based projects, marks an exciting development for Bitfinex. We are proud to introduce these tokens as we believe that each serves to strengthen and enliven a unique aspect of the global blockchain ecosystem, and will offer new and exciting trading options for our users.”
The full list of tokens added to the exchange include:
Aion (AION), IOSToken (IOST), Request Network (REQ), Raiden Network (RDN), Loopring (LRC), BnkToTheFuture Token (BFT), Cofound.it (CFI), WAX (WAX), SingularityNET (AGI), MedicalChain (MTN), ODEM (ODEM) and Dai (DAI).
Aficionados among us may note that these are all based upon Ethereum’s ERC20 token.
We should all relate with Van Der Velde’s optimism here. Note that recently Coinbase did mention integration of ERC20 tokens into their exchange, as a competitor to Bitfinex, they will naturally need to progress with this integration in order to keep up with Bitfinex, further continuing the progression of ERC20 based tokens and the respective exchanges.
The advancement of exchanges is in my opinion, key to both cryptocurrency adoption and cryptocurrency longevity. I’m not saying every exchange should allow users access to every currency available as this would reduce the need for healthy competition, but I do strongly believe that both the success of the currencies in question and the success of the industry on the whole does rely on these exchanges updating their listings on a regular basis, to ensure that healthy competition continues, and of course to ensure that customers have access to the best quality product available.
Within a fair, equal and transparent society, everybody needs to have access to the same resources, exchanges responsible for seeing this through.