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Bitfinex, Ethfinex’s volumes to merge as the latter prepares to shut down on 12 October

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Ethfinex.com was recently in the news after it announced that it was shutting down on 12 October 2019. It has made headlines again after it released an official blog post which stated that the digital asset trading platform will be merging Ethfinex and Bitfinex volumes for the course of the next 30 days. According to the post, such a step will be taken to ensure seamless transition of existing Ethfinex traders .

The post read,

“In this spirit, we have endeavoured to recognise the needs of current Ethfinex.com traders and the existing volume over the next 30 days will now be pooled with Bitfinex. This means that traders who wish to continue with Bitfinex once Ethfinex closes down on 12 October will be able to do so without any impact on their on-going fees, eliminating the risk of any loss to the counting of the previous trading volume.”

With the closure of Bitfinex’s sister exchange, the trading volumes of each platform will be merged on 17th September at 10:00 AM, which will be handled internally and does not require any action from the users’ part.

The plan for Ethfinex is to evolve into ‘DeversiFi,’ whill will be a home for token trading, offering most solutions to keep users “in full control of their trading experience.”

The Chief Executive of the Ethfinex-turned-DeversiFi, Will Harbone, had previously stated that the move was part of a “management buyout.”

According to Harbone, relaunching Ethfinex as DiversiFi was more than a rebrand. He stated that the crypto-platform needed more space to grow. “I wouldn’t call it a coup d’é·tat. We’ve done this with Bitfinex’s blessing,” he said.

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Biraajmaan is a full-time journalist at AMBCrypto covering the US market. A graduate in Automobile engineering, he writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.
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