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Bitfinex is one of the top 5 global crypto-assets exchanges that aims to provide the ultimate cryptocurrency trading experience. The platform strives to achieve its main goal by offering its users state-of-the-art trading tools, innovative tech, and unparalleled levels of customer service. The experienced team behind the fastest-growing exchange believes that the best crypto trading experience should be available to everyone.
Bitfinex is also the firm behind Tether stablecoins, the largest stablecoin in market capitalization. Tether is a USD-pegged controversial digital currency. Yet, the currency is used widely.
IRecently, Abhiruk Bhattacharya, the community manager at The Coin Republic, caught up with Paolo Ardoino, the Chief Technology Officer of Bitfinex and Tether, wherein he discussed the tremendous journey of Bitfinex. Moreover, he also revealed Tether’s exciting future and explained how it’s bigger than anyone thinks.
How Paolo Ardoino helped Bitfinex in its initial years?
Between starting 2012, and being one of the first exchanges, it is not the first exchange to offer margin trading. So instead of only being able to buy yourself it going, you could go longer and also short Bitcoin on margin, and introduced one of its still unique features, that is the peer to peer lending platform. So in 2014, bitfinex already had many users and was already a well established platform.
Besides being such a well-established platform, at the time, the digital assets exchange was facing few technical challenges. For example, the matching engine didn’t work that fast at the time. Paolo explained that:
In big market moves were always lagging or were not affecting user orders as fast, that is the issue. So that was actually the reason why I was asked to help Bitfinex in the first place, which was trying to improve the matching engine and the platform reliability in order to support the next wave of users.
Bitfinex’s team repays trust to its users
When we hire anyone at the company, the first thing that we tell them is that we are hiring only people that are professional, or that they want or they have a clear objective of becoming professionals. Because we really care about also having people growing the company, so they display something, when important, the first thing that we tell them is look, we are an exchange, we are here since 2012. And the most important thing for us is to repay back the trust that our customers placed last right with our customer, our customers can deposit $1 $100 1 million 10 million is not important, every one of our customers is important instruction. So the best thing that we can do is repay that promise, providing them the best service possible.
So when we create a feature, that feature has to be extremely solid and has to be well designed, well architecture, so that if we have 10 users or 1 million users or 10 million users that the reliability of the feature will not change. So that is something that we, that management team, always brought in the company as one of the key factors. So I believe that is the secret of our success. So if you hear people talking about Bitfinex, and in terms of the quality of the trading engine, the platform, the customer support, that’s because we really do care, we are not here to make an extra buck, we are here to give back.
Is the legalization of Bitcoin challenging for nations?
The entire world is subject to many different regulatory regimes. We have seen talks about CBDCs, we have seen countries legalizing Bitcoin as a legal tender. So, I think that everything is possible, I think that the pattern is growing fast in the US, for example, Latin America, and Asia, and we have seen bigger adoption in Europe and so on. So, I think that the pattern will keep watching and working with regulators and we all will always do our best in order to be compliant with old regulations. So that together we can arrive at a world that will make digital assets something that is easy to use for the masses.
Is Tether more revolutionary than Bitcoin?
Bitcoin is like my baby…. I believe that they had two different use casesI believe that eventually the world can or regions or countries as we are seeing with Salvador can leave them Bitcoin itself tender offer and alter who first and alternative right you maybe you have your bitcoins, and you can transform the fact that you need for immediate payments or for medium term payments in Tether so that you can hedge yourself, you can avoid to be subject to the ultra high volatility.
Focus on more additional coins?
We are going to focus more and more on additional currencies starting from this year, you haven’t seen Qatar gold, don’t use the tether euro that these are probably going to ramp up this year. So that is what will be our big focus. And it’s quite exciting, especially that our gold is a beautiful product.
One type of gold token is a representation of one ounce of gold. So, gold has a one ounce of gold for each one of each title gold tokens, issued, all the gold is, is maintained in the store securely in Switzerland. And the beauty of our gold, compared to all the competitors is that you can actually, if you buy, and it’s quite expensive, right. But if you buy a full gold bar for around 400 ounces, you can actually redeem it in Switzerland. So that is something that no other competitor is doing to my knowledge, and it’s something that shows how you still give people freedom to choose. And so from one side, you have the beauty of having a token that is gold base at the same time, you can always say okay, I really want my gold, I want to feel that gold, I want to touch the gold. And then now you can redeem it so physically you currently make it only in Switzerland, but because just shipping globally, the gold is quite hard, right. But so you know, if you believe abroad, you complete the KYC AML papers, and then you can get it shipped to a Swiss location. And then from there, you can ship it anywhere according to the different regulations and legislations. So that’s pretty good for investments.
Bitfinex and Tether are helping to evolve the crypto industry with unique innovations. The continued improvements of Bitfinex’s platform is making trading more convenient for its users. On the other hand, USDT is already seeing heavy volumes, and the upcoming projects will help users globally interact with the crypto world with convenience.
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