Bitfinex Announces Margin Trading and Funding for ZRX

Bitfinex Announces Margin Trading and Funding for ZRX
фото показано с : blokt.com

2018-10-19 16:14

Cryptocurrency trading platform Bitfinex hadn’t added new assets to its margin trading and lending offerings for a long time. However, in a recent Twitter post, the exchange announced that it had enabled lending and margin trading for 0x (ZRX).

0x’s Journey on Bitfinex

The token was listed on Bitfinex in January this year, along with five other tokens, including Basic Attention Token (BAT). All six coins opened with Bitcoin, Ethereum, and US dollar trading pairs. In a Wednesday blog post, the exchange detailed the reason behind the margin trading addition. The exchange noted:

“This [addition of ZRX for margin trading and lending] marks a turning point, after several months without making any new tokens available for leveraged trading, despite overwhelming numbers of requests from customers. We believe that allowing traders to take long or short positions on tokens they believe to be undervalued or overvalued is healthy for price discovery, and the overall market.”

The exchange also said that it had completed risk analysis for 0x on its platform using a new set of risk and analysis tools. ZRX is the first token to meet all the criteria of the new risk analysis tools deployed by the exchange. Bitfinex suggests that ZRX/USD and ZRX/ETH trading pairs have remained consistently healthy on the platform since their addition. It is also considering the fact that ZRX is traded on several centralized and decentralized exchanges. Finally, it said that ZRX has one of the most widely distributed ERC20 token holder communities, which make it a good choice for margin trading and lending on the platform.

More Margin Trading Coins on the Way?

Bitfinex currently provides 3.33x leverage to users who margin trade. This means that a deposit of $1,000 will enable a $3,333.33 leveraged trading amount to users. It also provides a peer-to-peer financing facility.

It had been months since the exchange added a new token for margin trading on its platform. Bitfinex suggests that this was done in order to protect users, as several trading pairs, especially ERC20 tokens with small market capitalizations and trading volumes, were vulnerable to more aggressive price swings. It also said that some more ERC20 trading pairs could be added to the exchange in the next one year.

Bitfinex Announces Margin Trading and Funding for ZRX was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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Источник: blokt.com

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