Bitfinexs subsidiary Ethfinex Trustless reveals decentralized OTC

Friday 7 June 2019 10:49 CET | News

Bitfinex-owned hybrid cryptocurrency exchange Ethfinex Trustless has launched its on-chain decentralised over-the-counter (OTC) service.

The system allegedly has no centralised order book or matching engine, but only the financial instruments are restricted from the platform. In a press release shared with Cointelegraph, it has been noted that customers can trade any ERC20 token, and specify custom Ethereum addresses for tokens which are not currently listed on any exchanges.

Also, the system uses blockchain, having the aim to enforce an OTC transaction as an atomic swap. This removes the need for an escrow, and opens up OTC to anyone. The release reveals that the solution offers lower fees at 0.02%, in comparison to the claim that those fees are usually 2% to 5% on traditional OTC desks.

Ethfinex Trustless OTC has no KYC or signup process, but the people residing in the US and other restricted countries are not permitted access to the service.

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Keywords: Bitfinex, subsidiary, hybrid crypto, exchange, Ethfinex Trustless, launch, decentralised OTC, cryptocurrency, on chain, financial instrument, ERC20, Token, blockchain, transaction, KYC
Countries: World

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