The famous crypto-currency exchange and trading platform provider, Bitfinex, has recently announced that they are looking to open and introduce their new trading platform that will be centrally focused on the rising Ethereum. The company is looking to provide a better and easy to use platform for the coin’s entire follower, and it will be called the Ethfinex.
On a statement provided by the Company, Ethfinex’s use will be "for Ethereum-based projects, designed to facilitate learning, discussion, and analysis, whilst offering access to the most highly liquid and advanced trading platform for Ethereum ERC20 tokens."
So to be clear, the new platform will also feature various use such as an information center for Ethereum followers and token-based projects; the company noted that "Spun out of Bitfinex, Ethfinex brings with it the vision of a customer-centric and highly liquid digital asset exchange platform. Ethfinex will be a hybrid community and information hub for developers, traders and enthusiasts alike, designed to facilitate discussion, development, and trading in the ethereum ecosystem."
According to the Ethfinex white paper, the governance decision will be coming from the larger holders, and they can also have the power to elect members on the advisory board if the member holds at least a total of 5% or more of the total amount of Nectar tokens available in the market.
Nectar tokens or NEC is a whole new token that Bitfinex introduce for its exchange feature; although the company noted that the token will forego a crowded sale, but rather distribute the token to market makers as a new kind of loyalty point which is redeemable through the percentage of trading fees each month.
On a more technical term, ETH News said that they’ll be using “A set of general APIs and EDCCs allow external protocols to interface with Ethfinex. In this manner, centralized exchange users can access decentralized exchange contracts which pull data from a relay that mirrors the centralized order book. Ethfinex provided a diagram to show this interplay.”
The biggest caveat would be that current US residents are prohibited from taking part of the new trading platform that Bitfinex dubbed as the Ethfinex, according to its white paper; the US residents are not allowed to join the program or conduct any actions in the exchanges of NEC tokens in their current marketplace.
