On Tuesday (April 9), cryptocurrency exchange Bitfinex announced that it was eliminating its "$10,000 minimum equity threshold" to open Bitfinex to "a wider audience."
Bitfinex's blog post said that from today, the "$10,000 minimum equity threshold" is gone, thereby "opening the world’s most advanced trading platform to everyone." It went on to explain that this change "comes in response to overwhelming demand over the past six months from a wide variety of traders seeking to access the unique professional experience available at Bitfinex, but without requiring the upfront equity."
Bitfinex also wants you to know that it has "continued to develop its technology and infrastructure consistent with its reputation as the most sophisticated trading platform available."
Here are the changes:
- migration "onto self-designed, dedicated servers with premium hardware for advanced security and lowest latency."
- "Upgraded Support Center — redesigned for a more intuitive user experience, offering automated responses to common queries, and quicker issue resolution."
- "New KYC Portal — updated infrastructure to enable the implementation of third party tools making the process more frictionless in the near future."
- "Santiment Token Information — provides education on every token on the platform to help inform customers."
Jean-Louis van der Velde, the CEO at Bitfinex, had this to say:
"We simply could not ignore the increasing level of requests for access to trade on Bitfinex from a wider cohort than our traditional customer base. For the last six months we have been working hard to ready our platform for a new wave of customer accounts and are now in a position to open Bitfinex to a wider audience. By dropping our minimum equity requirement, the only limits are now set by the traders themselves.”
Paolo Ardoino, the Bitfinex CTO, tweeted:
One of the main reasons of this change is to get more dev community more involved. @bitfinex is quite significantly dev driven at its core and we want to let other devs building/contributing easily on/to our ecosystem. #opensource #decentralization https://t.co/y47FGoL5O8— Paolo Ardoino (@paoloardoino) April 9, 2019
Featured Image Courtesy of Bitfinex