Bitfinex is one of the most popular crypto exchanges in the world. They see significant volume traded on a daily basis and they play an important role in the market as a whole.
They have just released their new distributed banking solution. They have been suffering serious issues with financial services providers as of late and this is hoped to be a resilient solution for these issues.
This system will give KYC verified clients the chance to straight away start making fiat deposits once more. This came after fiat deposits had been halted for the past week or so.
With this new system, the users order the fiat deposit by using their given exchange accounts. They specify what currency they will use and the amount they want to contribute via this deposit. In the following 48 hours, the client is sent a notification for the successful deposit by the exchange. This will provide the details of the transaction.
As a result of this new implementation, the operations at the exchange are going to be a lot more durable.
Talking about this move, Bitfinex said, “We believe this system to be significantly more durable in the face of sustained attacks by our competition and their supporters. Ongoing campaigns against us will only result in our company becoming stronger and better”.
No details have emerged as to what bank they are working with as part of this project they also did not reveal what sort of relationship this will be.
As part of Bitfinex accounts, there is now a message ordering users to not give info about banking information to people who are not involved with your financial institutions.
If this is not done, then the digital token ecosystem could be seriously damaged. Bitfinex had struggled to find a proper partner for some time now, so it will be a relief for them and their clients that this issue has finally been resolved.