Bitfinex Has Unveiled An Important Development In Its Decentralised Offering – Ethfinex Trustless OTC

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Bitfinex Has Unveiled An Important Development In Its Decentralised Offering - Ethfinex Trustless OTC

Bitfinex Has Unveiled An Important Development In Its Decentralised Offering – Ethfinex Trustless OTC

Bitfinex has unveiled an important development in its decentralised offering – Ethfinex Trustless OTC, a blockchain enforced Over-the-Counter service.

The new OTC feature now available on Ethfinex Trustless unlocks a whole new way to trade tokens while giving you additional flexibility when working with the exchange.

Orders created via Trustless OTC have the advantage of not being shared on the regular exchange orderbook. Trustless OTC generates a unique “taker” URL that can be shared with your trading partner, allowing them to become the exclusive taker of your trade.

The feature allows you to swap any ERC-20 compliant token, including those which are not currently listed on Ethfinex with fees being as low as 0.02 %.

The process simple:

  1. Select the token you would like to deposit and its amount.
  2. Specify which token you would like to receive and its amount as well.
  3. Token then gets locked into the trade* and a unique URL gets generated.
  4. Share this URL with your trade partner.
  5. Once your trading partner accepts the trade, the order gets settled and you receive the tokens you’ve specified when setting up the trade, while your partner receives the token you’ve locked in.

*You can cancel the order and unlock your tokens anytime before the order gets executed

Trustless OTC is a valuable tool for those looking to swap larger amounts of tokens in a single trade. Executing such a trade on a regular exchange could cause a big swing in the ticker price, potentially costing the user a significant amount of money, not to mention the possibility for a  longer settlement time. Trustless OTC effectively solves this by keeping the order off the exchange orderbook.

Another use case, where Trustless OTC generates a lot of value for both trading partners, is when there is no mutual trust established prior to the exchange. (E.g. when trading with a stranger). When using a non-custodial smart contract of Trustless OTC, both parties are required to fulfil their obligations before the trade gets settled. This means that both parties have locked full collateral in before the trade gets settled and everyone receives their tokens.

After discussing with the Ethfinex community, they’ve decided to launch the Trustless OTC feature to make your trading experience more seamless and flexible than ever.

Check it out today at https://trustless.ethfinex.com/OTC

Bitfinex Has Unveiled An Important Development In Its Decentralised Offering – Ethfinex Trustless OTC – Source: https://support.ethfinex.com
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