Bitfinex to compete with DeFi with new borrowing service
Customers can now borrow money from crypto exchange Bitfinex. Amid a year of significant growth for the decentralized finance space within the crypto industry, British Virgin Islands-based crypto exchange Bitfinex has unveiled its new lending service today, called Bitfinex Borrow. "Bitfinex Borrow is a borrowing platform," Bitfinex chief technology officer Paolo Ardoino told Cointelegraph. “This particular offering isn’t about lending out your crypto and obtaining a rate of return on it," he said. “The crypto loan is obtained via Bitfinex’s peer-to-peer lending platform, though it may....
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Ahead of the anticipated Ethereum merge slated between September 13 and 15, players like Aave are stocking up ETH. Some are even borrowing to increase their Ether balance. The DeFi platforms and others worry that user Ether borrowing may increase and leave the protocol prone to liquidity issues. They also worry that the increased borrowing […]
As DeFi protocols continue to garner mainstream traction, here’s an introduction to how lending and borrowing work on these platforms. Are there any risks involved?DeFi protocols feature certain risks, such as third-party smart contract tampering and the risk of borrow APYs rising dramatically within a short time period.When compared with centralized finance, there are no practical dangers associated with DeFi lending. However, like anything else, DeFi, too, has risks associated with it. For example, there are certain smart contract risks that are present as well as the threat of APYs....
Bitfinex, while still listed on its website as being in the "beta-phase," is the largest USD based bitcoin exchange. Bitfinex is currently experiencing an outage, as they have acknowledged on twitter. Beyond tweets acknowledging the existence of an issue, Bitfinex has not yet released any information concerning the current service interruption. This latest outage follows an outage just four days ago on July 6th. Few details have been released about that outage, though it was addressed quickly. In late may of this year, Bitfinex' hot wallet was hacked to the tune of $5,400,000. No customer....
Decentralized routes of lending and borrowing through smart contracts are allowing DeFi finally to overthrow the traditional finance sector. The world of decentralized finance (DeFi) is gradually expanding to encompass a significant share of the global financial lending space by virtue of the inherently trustless manner of operation and the ease of accessing capital. As the crypto ecosystem has grown to a $2-trillion industry by market capitalization, new products and offerings have emerged thanks to burgeoning innovation in blockchain technology.Lending and borrowing have become an....
Bitfinex recently announced that they will begin selling mining contracts. BitFinex is a popular Bitcoin trading platform currently with the fourth-largest 24-hour trade volume out of all the Bitcoin exchanges. The mining contracts went live at 9 AM EDT 9/15/14. You can read Bitfinex's announcement of the contracts on their website. Bitfinex considers the mining contracts to be "live beta", meaning they'll continue to update and improve the product. Bitfinex Cloud Mining. As Bitcoin mining evolves, it's becoming harder for the average joe to compete with the big-time miners. Cloud mining....