Bitfinex releases new updates even though they are neck deep in a lawsuit against the New York Attorney General. The exchange posted a tweet which stated:
“We are pleased to introduce trading for Stasis Euro (EURS), CryptoFranc (XCHF) and Wrapped Bitcoin (WBTC).”
Bitfinex’s blog about the same stated that the trading for the above-mentioned assets has been enabled. EURS is a tokenized version of the euro, which allows cryptocurrency users on Bitfinex to trade a stable version of the Euro currency. At press time, EURS was ranking 123 on CoinMarketCap.
The official website for Statis stated that their tokens “are always backed 1:1 by collateral held in reserve accounts”. In addition, they also mentioned that they provide verifications for the audits done by the top 5 global accounting firms. Statis stated:
“The EURS stablecoin combines the benefits of blockchain technology with the reputation and relative stability of the euro… Most cryptocurrency holders are subject to significant volatility and counterparty risk. EURS mitigates these risks by letting users hold a stable digital asset, transparently backed by euro reserves.”
In addition, XCHF is an ERC20 token built on the Ethereum blockchain which was launched by Swiss Crypto Tokens AG. According to Etehrescan, the total supply of XCHF tokens was at 12.03 million.
WBTC, the third token that is being listed on Bitfinex, is also an ERC20 token, which tracks the price of Bitcoin through 1:1 backing, bringing the liquidity of Bitcoin to the Ethereum blockchain.
Furthermore, according to their announcement, these tokens will be trading against Ethereum [ETH] and U.S. Dollars on Bitfinex.
A Twitter user @InstaCryptoNews tweeted:
“Happy to hear that & As always we Instantly Retweeted this news to our Community.”
Bitfinex has been in a tight spot ever since the NYAG’s office filed a lawsuit that revealed a highly debated and speculated rumor about Tether’s reserve and if it was actually backed 1:1 with traditional currencies.
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Bitcoin’s censorship resistance, freedom make it a game changer in the economic industry
Over the years, the global economic industry has witnessed significant changes. However, no change has been more significant or essential than the one introduced by the concept of virtual assets or Bitcoin. Today, Bitcoin and other virtual currencies are almost as essential as fiat money and despite the fact that digital assets have not reached worldwide adoption, the pace of growth has been substantial.
In a recent panel discussion, Jedidiah Taylor, CEO and Founder of Decent.Bet, the smart contract-based sports betting platform, stated that the idea of Bitcoin and blockchain technology projected a perspective of freedom and honesty which allowed individuals to have direct control over their own capital, without any oversight supervision from financial institutions.
The sentiment was followed by Nico De Jonghe, Founder and CEO of NDJ Investment Group, who added that the threat of decentralized assets loomed the largest over centralized institutions like banks, who were worried of the future prospects offered by Bitcoin and its impact on the long-term financial situation.
Tone Vays, a reputable analyst and Bitcoin proponent, opined and stated that Bitcoin’s biggest strength was the fact that it was completely “unconfiscatable” and that one’s BTC is completely safe if it is protected and secured with attention. The characteristic of censorship-resistant value transfer is also an absolute game-changer for Bitcoin, allowing it to competitively exist in the financial system.
The value of Bitcoin has often been criticized in the past, but its valuation has consistently proven its worth. In fact, Bitcoin has grown by more than 150 percent in 2019.
At press time, Bitcoin was priced at $11,371, with a market capitalization of over $202.18 billion. The staggering valuation of an asset that was unheard of 10 years ago, further underlines the potential of Bitcoin in the current market scenario and for the future economies.
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