Cryptocurrency News

Ethfinex Launched A Decentralized OTC Platform With a 0.02% Fees

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The hybrid decentralized exchange Ethfinex has launched a distributed OTC-platform, where the exchange is carried out through atomic swaps, and the escrow accounts are completely excluded from the transaction process.

Thus, the fees on the new platform is significantly less than the indicators of traditional OTC-markets and amounts to 0.02% of the transaction against 2-5%. At the same time, there is no centralized book of orders on the exchange and a matching application mechanism (matching), which allows users to trade any ERC-20 token, as well as specify customized Ethereum addresses for tokens that are not traded at all on other websites.

Note that users do not need to register or complete a KYC to begin trading, but residents of the United States and some other jurisdictions will not be able to access the new platform (they will probably be restricted by IP addresses).

Ethfinex claims that they were the first to launch a similar service. Perhaps this may be true, but it is worth adding that the OTC platform from the Hodl P2P exchange Hodl works on the basis of non-castodial escrow addresses with a multi-signature to eliminate the risk of loss of funds. However, the latter still takes over the match.

Recall that the launch of Ethfinex Trustless from Bitfinex took place in September 2018. The exchange aims to eliminate the problems inherent in centralized platforms, such as delays in depositing / withdrawing funds, long answers from technical support and the possibility of loss of assets as a result of hacker attacks.



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