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Bitfinex brings tokenized BTC, ETH, LTC cross-chain via pNetwork integration

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Owner of the Bitfinex crypto exchange, iFinex announced today integration with cross-chain system pNetwork (pTokens network) which would enable BTC, ETH and LTC to automatically be tokenized, and moved on to DeFi blockchains directly from the Bitfinex platform. pNetwork is the decentralized governance layer operating the pTokens bridges.

pTokens makes cryptocurrencies “compatible” with blockchains, such as pBTC, which enables Bitcoin holders to explore Ethereum and EOS DeFi without having to sell or trade their crypto. In July this year, it began support for the pNetwork DAO, enabling its governance token PNT holders to decide on DeFi cross-chain solutions.

In a release emailed to AMBCrypto, the firm said that upon launch pTokenn such as pBTC, pETH, and pLTC, will be listed on eosfinex, a non-custodial exchange which is part of the iFinex brand. Deposits and withdrawals for the aforementioned pTokens will be available from Bitfinex for Ethereum and EOS through the pToken network. With regard to trading leading digital tokens cross-chain CTO at Bitfinex Paolo Ardoino said: 

Our integration with pTokens will provide a much-needed gateway to the DeFi ecosystem for Bitfinex customers using Bitfinex liquidity.

Ardoino believed pTokens would allow major crypto assets to be used across different blockchain-powered applications and exchanges since pTokens allow for asset transfers by means of the pTokens bridge. A move which, according to the CTO, could allow dApps and cross-chain tokenization to overcome “blockchain walls.”

Earlier this month, Eosfinex had launched a beta version of its mainnet, stating that it would bring liquidity from Bitfinex to the EOS community. Moreover, Project Lead at pNetwork, Thomas Bertani said that eosfinex would allow bridging the liquidity of a centralized exchange to the decentralized space, making pTokens compatible across different blockchain-based dApps. According to CoinMarketCap Bitfinex is the fifth-largest crypto exchange by trading volume. 

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Alisha is a full-time journalist at AMBCrypto. Her interests lie in blockchain technology, crypto-crimes, and market developments in Africa and the United States

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