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Bitfinex: Celebrating Over a Decade of Supporting and Constructing on Bitcoin


Bitfinex: Celebrating Over a Decade of Supporting and Constructing on Bitcoin

With Bitcoin reaching new All-Time Highs this week, historical past could choose that this marked the turning level for the world’s first and largest digital asset, because it moved from a distinct segment product with a small group of fiercely loyal supporters in its early days, to essential funding for everybody’s portfolio.

For Bitfinex, as one of many earliest Bitcoin platforms, based simply three years after the primary Bitcoin transaction, the now world enthusiasm we’re seeing for Bitcoin represents a vindication of the imaginative and prescient we shared in these early days of Bitcoin’s promise and potential, that goes past simply the worth.

Our long-held view is that Bitcoin represents a know-how that’s distinctive as a result of, as a consequence of its decentralised construction it’s just about indestructible, fully immutable and borderless. The idea {that a} type of cash and an interconnected system can’t be managed is what makes Bitcoin so enticing to buyers who need to escape a monetary system that may be manipulated. Therefore, the day by day information being seen in its worth as extra buyers flock to Bitcoin, now made a lot simpler within the type of regulated ETFs. However maybe equally vital is the power of Bitcoin to be a retailer of worth for people who would not have entry to monetary providers – both as a result of they’re costly or unavailable – and might present a haven for financial savings or funding that can’t be taken away.

We name this Monetary Freedom and it’s on the core of our identification as an organization to proceed spreading the phrase and proselytising in regards to the significance of Bitcoin; innovating and constructing open, peer-to-peer techniques which are obtainable and uncensorable; supporting the Lightning Community and different related applied sciences to additional the scalability and utility of Bitcoin; and investing within the Bitcoin neighborhood, together with builders and white hat hackers to make sure the power and the resilience of the Bitcoin community.

This identification is on the coronary heart of our imaginative and prescient as an organization to be the main world advocate of freedom by accelerating a transition to a extra open and truthful world.

As we glance ahead, we at the moment are weeks away from the fourth Bitcoin halving  in April, a elementary underpinning of Bitcoin that ensures its shortage, and is a elementary financial recalibration that influences every little thing from mining methods to world market dynamics. We invite you to hitch us for a particular Bitfinex Talks session on March 15, 2024, at 3.15pm UTC. Throughout this occasion, Paolo Ardoino, Bitfinex Chief Know-how Officer, will present his view on what the worth appreciation will do for Bitcoin and its adoption and its utility, in addition to how the halving will assist form a path to a brand new chapter within the quest for monetary liberation.

Eleven Years in Bitcoin Can Appear Like a Lifetime

On November sixth, 2023, Bitfinex celebrated its eleventh anniversary, marking over a decade of steady innovation and management in Bitcoin, cryptocurrency, and P2P know-how. Since our founding in 2012, we’ve been on the forefront of advancing digital currencies, contributing to each the technological underpinnings of the ecosystem and stimulating neighborhood growth. Leveraging the transformative capabilities of Bitcoin, Bitfinex goals to ascertain a parallel peer-to-peer monetary system that prioritises freedom and accessibility for people throughout the globe, whereas performing as a substitute for legacy finance.

The title “Bitfinex” is a portmanteau of three pivotal ideas, Bitcoin, Finance, and Change, that encapsulates our platform’s main perform as a high-volume buying and selling alternate for Bitcoin and different digital property, and emphasises our broader position within the ever-evolving panorama of economic providers. 

As we have a good time the Bitcoin worth, we mirror on our journey thus far and sit up for the subsequent 11 years.

A Stroll Down Reminiscence Lane: A Take a look at Some Essential Milestones in Our Journey

November 2012 – Our Founding

Bitfinex emerged as one of many pioneering platforms particularly engineered for cryptocurrency buying and selling, born November sixth, 2012. Based by Raphael Nicolle, an IT technician from France who had beforehand labored on a mission known as Bitcoinica, Bitfinex initially launched as a peer-to-peer (P2P) margin lending platform solely for Bitcoin. We shortly diversified as a consequence of buyer demand, including help for a number of cryptocurrencies and increasing our suite of providers. We started providing an array of buying and selling choices together with high-volume spot buying and selling, margin buying and selling, peer-to-peer lending (margin funding), over-the-counter (OTC) markets, and derivatives buying and selling. From the outset, Bitfinex has positioned itself as an institutional-grade hub for digital asset buying and selling, designed to cater to a big selection of buying and selling wants for customers globally.

Might 2013 – Litecoin is Added to the Platform

Within the early days of Bitcoin, we started to see the emergence of the very first era of altcoins. Bitfinex made a discerning alternative by including Litecoin to our buying and selling platform, as one of many first non-Bitcoin digital property. Recognizing Litecoin’s enduring potential and stability in distinction to different risky altcoins of the time, Bitfinex supplied its clients a possibility to commerce a cryptocurrency with confirmed endurance. This addition not solely broadened the portfolio choices for Bitfinex’s buyer base, but additionally underscored our dedication to facilitating commerce in property with long-term viability and credibility.

January 2015 – Tether is Added to the Platform, Paving the Method for Stablecoins

In January 2015, Bitfinex took a strategic step by including USD Tether (USDt) to our platform, recognizing the rising demand for stablecoins within the cryptocurrency ecosystem. This history-making transfer supplied merchants with a much-needed secure haven throughout market volatility, permitting them to simply transition from risky property like Bitcoin to a secure foreign money pegged to the US greenback. It additionally allowed exchanges to settle trades denominated in USD at a time when banks weren’t providing monetary providers to the trade as an entire. The combination of Tether not solely underscored Bitfinex’s forward-thinking strategy but additionally served as a catalyst for the broader adoption of stablecoins as a brand new sort of asset class within the crypto buying and selling neighborhood. Tether was the primary stablecoin, which paved the way in which for numerous others, launched within the ensuing years.

March 2016 – Ether is added to the Platform, and bringing with it ERC-20 Tokens

In March 2016, Bitfinex determined so as to add Ether, a transfer that had far-reaching implications for its buyer base and the broader cryptocurrency ecosystem. Ether is the primary token of Ethereum, which provides revolutionary capabilities for good contracts and decentralised purposes (DApps), presenting a brand-new frontier for blockchain know-how. By incorporating Ether into our various set of choices, Bitfinex not solely catered to rising buyer demand but additionally demonstrated our dedication to staying on the forefront of blockchain innovation.

The combination of Ether was significantly noteworthy as a result of it opened the doorways for the buying and selling and funding of numerous ERC-20 tokens. The ERC-20 normal has been the muse for a lot of tokens that went on to considerably impression the world of Decentralised Finance (DeFi). These tokens have turn out to be pivotal in every little thing from decentralised exchanges (DEXs) to lending platforms and stablecoins. By providing Ether, Bitfinex successfully gave its clients a gateway to this burgeoning world of potentialities, reinforcing its position as a pacesetter in digital asset buying and selling. The transfer additional solidified Bitfinex’s popularity for embracing promising applied sciences and providing various, sturdy buying and selling alternatives to its world neighborhood.

August 2016 – The Notorious Bitfinex Hack: How we Survived One in every of Our Hardest Challenges

In August 2016, Bitfinex suffered a big cybersecurity breach that led to the theft of just about 120,000 bitcoins, an occasion that would have simply spelt doom for a lot of digital asset buying and selling platforms. Whereas the crypto-community watched with bated breath, Bitfinex took fast motion. In an unprecedented and revolutionary manoeuvre, we issued BFX tokens to all affected clients at a ratio of 1 BFX token for each greenback stolen. We supplied clients a alternative: they may redeem every BFX token for $1 per token or alternate every BFX token, valued at $1 per token, for frequent shares of iFinex capital inventory. Remarkably, by April 3, 2017—simply eight months following the safety incident—Bitfinex efficiently redeemed these tokens, totally compensating clients and thereby restoring confidence within the alternate. 

This resilience stood in sharp distinction to the destiny of many up to date exchanges that had been obliterated by hacks, fraud, or mismanagement. Authorities ultimately captured the hackers answerable for the Bitfinex breach and recovered part of the stolen property, an vital chapter in our firm’s historical past. By not simply surviving, however thriving, after such a serious setback, Bitfinex showcased its dedication to buyer safety and operational integrity, setting itself aside as an organization with an moral administration staff that actually cares about its clients. It additionally served as a case examine in efficient disaster administration inside the risky panorama of cryptocurrency buying and selling.

October 2017 – Buying and selling the Fork Wars with the B2X “Chain Cut up” Token

Throughout the turbulent interval of Bitcoin’s block dimension debates and subsequent forks, Bitfinex adopted a impartial stance, making certain that our platform wouldn’t turn out to be a battleground for competing ideologies. Whereas not taking sides, Bitfinex did introduce the B2X token to offer our merchants the liberty to commerce the occasion of the Bitcoin SegWit2x fork. 

By providing the “chain break up” tokens, we supplied a mechanism for purchasers to hedge towards the potential dangers and likewise speculate on the result of the fork. The B2X token allowed clients to separate their Bitcoin holdings into distinct property that may very well be traded individually, thus capturing the market’s evaluation of the relative worth of the forked chains. This strategy enabled Bitfinex to take care of our dedication to buyer alternative and market integrity whereas steering away from the contentious politics that enveloped the Bitcoin neighborhood on the time.

Might 2019 – UNUS SED LEO (LEO) Token Launched

Bitfinex launched UNUS SED LEO, our personal utility token, in 2019. The token was met with appreciable curiosity and swiftly offered out throughout its preliminary personal sale, demonstrating each the arrogance clients have in Bitfinex and the perceived utility of the token itself. UNUS SED LEO serves a number of features inside the Bitfinex ecosystem, together with providing buying and selling payment reductions and serving as a key part in a variety of purposes and providers. Along with this, the token acts as a pivotal aspect in quite a lot of Bitfinex purposes and providers, which vary from enhancing liquidity to taking part in token gross sales hosted on the platform.

July 2019 – Algorithmic Buying and selling Platform Honey Framework Launches

The launch of Bitfinex’s Honey Framework was a big leap ahead in offering superior buying and selling instruments to the cryptocurrency neighborhood. This algorithmic buying and selling framework permits merchants to construct customised buying and selling methods with a excessive diploma of sophistication, thereby enabling them to maximise their buying and selling effectivity. The Honey Framework seamlessly integrates with Bitfinex’s current platform, offering a strong set of options for market evaluation, order execution, and threat administration. By providing such an intricate toolset, Bitfinex is actively levelling the enjoying subject between retail and institutional merchants.

April 2020 – Bitfinex Gentle Staking Service Launches

Bitfinex entered the staking enviornment with its tender staking service, permitting Bitfinex clients to earn rewards by merely holding and staking sure forms of cryptocurrencies instantly via their Bitfinex accounts. This service brings one other layer of economic incentive for the platform’s clients, enhancing the utility and yield-generating capabilities of supported digital property. 

By taking the complexity out of staking procedures, Bitfinex makes it accessible even for purchasers who is probably not technologically savvy. The service aligns with Bitfinex’s broader mission to supply a complete and customer-friendly ecosystem for digital property, starting from buying and selling to facilitating peripheral use-cases. This provides one other aspect to the platform’s already sturdy suite of economic instruments and providers, reinforcing its standing as one of the crucial versatile platforms within the trade

April 2020 – Bitfinex Pulse Launches to Present a Social Media Community for Merchants

In an effort to foster neighborhood interplay and real-time info sharing amongst our customers, Bitfinex launched Bitfinex Pulse, an in-house social media community designed particularly for merchants. Pulse supplies an area the place merchants can focus on market developments, share insights, and maintain an ear to the bottom for rising alternatives or dangers. 

Bitfinex Pulse comes as a pure extension of our overarching technique to offer an all-in-one ecosystem for crypto fanatics and professionals alike. By including a social layer to our current array of buying and selling and monetary providers, Bitfinex not solely deepens our stage of buyer engagement however we additionally improve the standard of decision-making via collective intelligence. This revolutionary characteristic helps solidify Bitfinex’s place as a complete and cutting-edge resolution within the digital asset market.

July 2020 – Lending Professional Revolutionises P2P Margin Lending through Automation

In July 2020, Bitfinex launched Lending Professional, a extremely automated, customizable, and superior lending software geared toward elevating the expertise of its clients within the margin funding market. Designed to cater to each particular person and institutional lenders, Lending Professional provides a set of options that automate lending based mostly on predefined standards, thereby optimising the returns on lent property. Lending Professional not solely streamlines the lending course of but additionally brings a stage of sophistication usually related to conventional monetary markets, additional bridging the hole between the crypto economic system and mainstream finance.

September 2020 – Bitfinex Borrow Presents Liquidity Options for HODLRs and Buyers

Bitfinex launched “Bitfinex Borrow,” a peer-to-peer digital token mortgage portal designed to satisfy the rising demand for cryptocurrency-backed lending. This P2P digital token mortgage portal is greater than only a lending service; it’s an revolutionary resolution tailor-made to the precise calls for of the trendy crypto investor. 

By way of permitting customers to leverage their current cryptocurrency holdings as collateral, Bitfinex Borrow makes it potential to safe loans in varied digital and fiat currencies with out liquidating worthwhile property. One of many standout options of Bitfinex Borrow is its flexibility. Customers have the choice to select from totally different mortgage phrases and rates of interest, offering an added layer of customisation that many conventional monetary establishments fail to supply. This adaptability is particularly essential within the fast-paced, risky world of cryptocurrency markets, the place consumer wants can change quickly.

March 2021 – Bitfinex Pay Launches Offering Infrastructure for Retailers That Wish to Settle for Crypto Funds

Bitfinex launched “Bitfinex Pay” as a service provider cost resolution designed to streamline and simplify cryptocurrency transactions for companies. This providing permits retailers to just accept digital property as cost for items and providers, additional bridging the hole between conventional finance and the Bitcoin and crypto economic system. By offering a seamless and safe cost gateway that helps varied cryptocurrencies, Bitfinex Pay not solely provides companies an opportunity to faucet right into a rising buyer base of crypto fanatics but additionally underscores Bitfinex’s broader intention to facilitate the mass adoption of digital property. With this transfer, Bitfinex extends its attain past alternate providers to play a pivotal position in how transactions are literally performed within the trendy digital economic system.

September 2021 – Bitfinex Securities Launches to Disrupt the Securities Issuance Trade

The launch of Bitfinex Securities signifies a groundbreaking second within the realm of economic providers, with the potential to disrupt the standard securities trade basically. Working on the intersection of blockchain know-how and conventional finance, this new platform goals to democratise funding by offering a extra accessible, environment friendly, and clear avenue for buying and selling a variety of economic devices. In doing so, Bitfinex Securities challenges the longstanding norms and inefficiencies of legacy techniques by leveraging the inherent advantages of decentralised applied sciences, reminiscent of real-time settlement and decrease transaction prices. 

This pioneering initiative displays Bitfinex’s dedication to innovation and its quest to repeatedly provide transformative monetary options to underserved entities and markets. By tapping into the huge, but underexploited, potential of tokenisation for securities buying and selling, Bitfinex Securities might function a catalyst for a seismic shift in how investments are made and managed, thereby redefining the contours of the worldwide monetary panorama.

November 2022 – Bitfinex Launches Freedom Manifesto at Adopting Bitcoin Convention in El Salvador

The revealing of the Bitfinex Freedom Manifesto on the Adopting Bitcoin 2022 convention in El Salvador marks a pivotal second within the crypto trade’s historical past. Launched in a rustic that has already made vital strides in adopting digital currencies, the manifesto serves as a philosophical and sensible information that outlines Bitfinex’s dedication to monetary freedom, decentralisation, and empowerment via know-how. 

The doc supplies a complete framework through a number of key pledges to help the Bitcoin ecosystem, prioritising training and a dedication to freedom, elucidating our imaginative and prescient for a extra open and equitable monetary ecosystem. Its launch in El Salvador, a nation that has boldly built-in Bitcoin into its economic system as authorized tender, amplifies the manifesto’s significance. By launching it at such a distinguished occasion, Bitfinex not solely spoke on to a like-minded viewers but additionally made a powerful assertion in regards to the important position of cryptocurrencies in shaping a future geared in direction of monetary inclusivity and freedom.

February 2023 – Bitfinex Securities Opens Workplace in Astana, Kazakhstan

The institution of a regional workplace for Bitfinex Securities in Astana, Kazakhstan serves as a strategic milestone for the corporate, opening the gateway to a quickly rising market hungry for monetary innovation. Kazakhstan has proven a forward-leaning stance in direction of blockchain and cryptocurrency applied sciences, making it a really perfect hub for Bitfinex Securities to broaden its providers and affect. 

The Astana workplace won’t solely facilitate localised providers but additionally lay the groundwork for partnerships with native monetary establishments and regulatory our bodies. This strategic transfer underscores Bitfinex Securities’ imaginative and prescient of democratising finance on a worldwide scale by making inroads into markets which are ripe for disruption and innovation. Furthermore, organising a regional workplace in Astana can act as a springboard for coming into different Central Asian and Eurasian markets, thereby considerably broadening our attain and impression.

April 2023 – Bitfinex Securities is Granted the First Digital Asset License in El Salvador

The issuance of the first-ever Digital Asset licence in El Salvador to Bitfinex Securities represents a historic milestone for each the corporate and the broader cryptocurrency trade. This licensure not solely provides legitimacy to Bitfinex Securities but additionally underlines El Salvador’s dedication to being a pioneer within the adoption of digital property. By receiving this licence, Bitfinex Securities positive factors a big aggressive edge, enabling it to function inside a regulated atmosphere in a rustic that has brazenly embraced digital foreign money. It additionally permits the corporate to supply an expanded vary of economic services and products tailor-made to this rising market. The licensure units the stage for additional developments within the adoption and regulatory recognition of digital property.

June 2023 – Bitfinex P2P Launches in Argentina, Colombia, and Venezuela

The introduction of Bitfinex’s Peer-to-Peer (P2P) platform represents a big milestone in our ongoing mission to democratise finance, ship monetary inclusion, improve monetary freedom and improve consumer expertise. Our P2P platform permits customers to instantly commerce property with each other, bypassing conventional monetary intermediaries, thus selling monetary inclusivity and lowering transaction prices. By leveraging the rules of decentralisation and neighborhood interplay, Bitfinex P2P seeks to offer a extra equitable and clear buying and selling atmosphere. 

P2P buying and selling provides a lifeline in rising economies grappling with weak nationwide currencies and stringent capital controls. Conventional monetary techniques in such international locations typically fail to offer a secure medium for saving or transacting, eroding the buying energy of residents and limiting their potential to have interaction in world commerce. P2P buying and selling platforms provide a manner out by facilitating direct asset exchanges between customers, giving entry to a extra secure and probably appreciating asset class, cryptocurrencies. In contrast to typical monetary techniques, P2P platforms are largely resistant to native financial insurance policies, offering an alternate channel for capital flows each inside and past nationwide borders. In doing so, they empower people to regain management over their monetary futures, bypassing restrictive controls and risky nationwide currencies. 

October 2023 – Bitfinex Securities Launches First Tokenised Bond Providing

Bitfinex Securities unveiled its inaugural tokenised bond providing, ALT2611, a big milestone that guarantees to revolutionise capital markets. Issued by Mikro Kapital, a well known participant within the microfinance sector, this 36-month bond carries a ten% coupon and is denominated in Tether (USDT). With a minimal funding quantity set at 125,000 USDT, ALT2611 is designed to democratise monetary entry, giving buyers the chance to accumulate dangers linked to the debt and fairness of microfinance organisations and small monetary establishments. 

Bitfinex Securities goals to reshape the way in which capital is raised by offering a deep, liquid marketplace for quite a lot of monetary devices, together with blockchain-based bonds, shares, and funding funds. The ALT2611 bond will start buying and selling on the worth of 100 USDT and is anticipated to start distribution inside one week following the completion of the capital increase. 

The bond has a three-year maturity interval, and its authorized framework is ruled by the legal guidelines of the Grand Duchy of Luxembourg.  Mikro Kapital intends to concern a complete of 100,000 securitized tokens for ALT2611, aiming to lift 10 million USDT. Bitfinex CTO Paolo Ardoino hailed the launch as “the start of a brand new period for capital raises via deep liquid markets and inventory/bond markets.”

March 2024 – Bitfinex Solidifies its Place because the Authentic Bitcoin Change

Since its inception in November 2012, Bitfinex has steadfastly adhered to its founding thesis: a Bitcoin-first crypto alternate devoted to offering monetary freedom to its clients. This dedication has not too long ago been vindicated by Bitcoin’s achievement of an all-time excessive worth, underscoring the foresight and visionary management of Bitfinex, as a long-standing supporter of the Bitcoin revolution. 

This milestone not solely cements Bitfinex’s popularity as a pioneer, but additionally heralds its ongoing journey in direction of innovation and the growth of economic autonomy within the digital age. Bitfinex’s unwavering dedication to its core rules and its clients’ monetary empowerment stands as a testomony to its path ahead, promising a future the place its foundational imaginative and prescient continues to form and drive the crypto ecosystem.

March 2024 – Bitcoin Reaches a New All Time Excessive

Bitcoin’s ascent to a brand new all-time excessive of $72,606 on Monday, March eleventh, 2024, has successfully silenced its sceptics, marking a pivotal second within the cryptocurrency’s journey in direction of mainstream acceptance. This exceptional achievement, exemplified by an unprecedented wave of institutional adoption facilitated by the launch of US Bitcoin ETFs, signifies a big shift in notion in direction of Bitcoin. 

For years, critics doubted Bitcoin’s viability as a authentic asset class, however its rising integration into the mainstream monetary panorama has confirmed these doubts unfounded. The surge in Bitcoin’s worth not solely validates the foresight of early adopters but additionally underscores the transformative potential of digital currencies in reshaping the way forward for world finance. 

Bitcoin’s upcoming halving will rework the cryptocurrency ecosystem, making a dichotomy the place some contributors discover their positions weakened, whereas others emerge strengthened. These pivotal moments function a check, distinguishing the resilient from the susceptible, and reshaping the panorama in favour of those that adapt and thrive amidst change.

To be taught extra please be part of us on Mar 15, 2024 at 3.15pm UTC for a  Bitfinex Talks Particular 

With Paolo Ardoino, CTO of Bitfinex who will share his imaginative and prescient about Bitcoin rally, the upcoming halving and the way that is opening the way in which to monetary freedom. Hyperlink right here

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