One of the largest cryptocurrency exchanges on Earth is adding additional trading pairs and fiat currencies to its platform. Bitfinex stated in a blog post today that they have expanded the number fiat currencies they will accept to include both Japanese Yen and British Pound Sterling.
Additional Trading Pairs Add Convenience and Reduce Fees for Altcoin Traders
The announcement from Bitfinex will see the likes of NEO, ETH, EOS, and IOTA benefit from additional trading pairs. Previously, users could only trade these coins against USD and BTC. Traders from the UK and Japan will now be able to use their own currency against these, and Bitcoin, for increased functionality on the exchange.
The list of added pairs is as follows:
- BTC – BTC/JPY & BTC/GBP
- ETH – ETH/EUR, ETH/JPY & ETH/GBP
- NEO – NEO/EUR, NEO/JPY & NEO/GBP
- EOS – EOS/EUR, EOS/JPY & EOS/GBP
- IOTA – IOTA/JPY & IOTA/GBP
Curiously, some of the largest cryptocurrencies have not received additional trading pairs. The likes of Monero (XMR), Ripple (XRP), and Litecoin (LTC) remain without Euro, Yen, and GBP options. Traders can only use BTC or USD against them.
Bitfinex claim that the expansion is aimed at extending their service to under-served international markets. The ability to deposit and withdraw in JPY and GBP further aids this commitment. The exchange’s blog post states that the inclusion of additional pairs with add greater convenience for traders, allowing for greater liquidity on the exchange and “the cryptocurrency market as a whole”. In addition, the reliance on Bitcoin as a medium of exchange is thought to reduce the costs of digital currency traders whilst further improving the convenience of the Bitfinex service.
The company’s CEO, JL van der Velde had the following to say about today’s announcement:
“We are very pleased to add to our selection of fiat offerings and to do our part in making cryptocurrencies more globally accessible. We are making a strong push for improved transparency and worldwide regulatory collaboration, and our ability to add support for these markets is a strong win on that front.”
The news comes just 24 hours after reports that the company were mulling a change of location for their headquarters to Switzerland. Bitfinex have already met with key members of the Swiss government regarding a potential move. The ever-growing blockchain community in the central European state has also expressed optimism about the world’s fifth largest cryptocurrency exchange setting up shop in their nation. A local crypto entrepreneur stated:
“It would be sensational if an actor of this size and importance should decide for Switzerland, It would show that Switzerland can indeed occupy a leading position in the entire blockchain industry.”