A day after news of the Tether hack broke, Bitfinex officially introduced euro trading on their platform. The firm also hinted at reintroduction of USD wire transfers with a couple of tweets from its official handle.
With 11 percent of the market volume of Bitcoin trading, Bitfinex is the largest cryptocurrency exchange today. And with the introduction of euro trading, it is making an entry into the quiet European market. So far, Kraken and Bitstamp are the two biggest exchanges offering a euro trading option. The volume of trades is not significant compared to other markets.
It is not clear if Bitfinex is going to introduce euro trading from other Cryptocurrencies as well, but with this move it is going to receive fiat money directly from users. If the hints and rumors of the reintroduction are true, then the company is set to make a big move in the industry.
According to a report by Cryptovest, a third party organization named Crypto.SP.ZO.O will handle Bitfinex’s account.
Bitfinex has its fair share of controversies too. In 2016, the platform endured the second biggest hack in the cryptocurrency industry and lost $72 million worth of customer’s money. It then introduced the BFX token to compensate customers.
Another big blow to the business of this unregulated exchange came in April 2017, when the platform withdrew its support of direct USD wire transfers due to the strictness of rules by American banking giant Wells Fargo.
And with the recent attack on the platform, the name Bitfinex came up due to links with the operations of both platforms. In the recent Paradise Papers leak, it was also revealed that Bitfinex CSO Philip Potter is listed as the director of Tether Holdings Limited.
Whatever the controversies may be, Bitfinex is holding a large chunk of the digital currency market, and with moves like the implementation of euro trading, it is making its hold on the market more firm.
