Bitfinex exchange started working with Bitrefill

Judy Rubio

Bitfinex customers were able to Deposit funds via the Lightning Network. The company's collaboration with Bitrefill allows using cryptocurrencies to pay for communications and purchase gift certificates.

The Bitfinex crypto exchange has started working closely with Bitrefill, a service for replenishing mobile accounts and gift certificates. Customers of the trading platform can use the Lightning Network technology to purchase products from the Bitrefill catalog. It contains more than 2 thousand options for replenishing mobile accounts and gift cards.

New opportunities for Bitfinex exchange clients

After the user pays for the product via bitcoin, the payment between Bitfinex and Bitrefill will be made automatically via the Lightning Network. This reduces the cost and increases the speed of transactions.

John Carvalho, who heads Bitrefill's communications Department, said: "This collaboration will be the beginning of a new era in bitcoin Commerce. We will continue to work closely with Bitfinex and other organizations. It is important to develop Lightning solutions and products that allow you to actively use cryptocurrencies in real life and get rid of dependence on national currencies."

Bitfinex has built in support for payments via LN

Bitcoin platform Bitfinex started using the Lightning Network to replenish deposits and withdraw funds from users ' accounts. The platform became one of the first large-scale crypto exchanges that offer clients support for the network.

Paolo Ardoino, technical Director of Bitfinex, believes that active use of LN will increase the number of users. Now the exchange is trying to launch the tool in the ETH stablecoin network.

The vulnerability has been proven, and the cost of it is $ 2000

During many tests and checks, it was found that the LN network is poorly protected against DDoS attacks. Now they are easy to perform, as a result, 4 out of 5 payments will be slowed down and stopped. The vulnerability was investigated by experts from the University of Vienna and the Hebrew University of Jerusalem.

Each Lightning Network payment passes through several nodes before reaching the recipient. If a malicious node gets in the way, it can reduce the transaction speed. To conduct a successful attack, you should open several payment channels, set commissions to zero coins, and not broadcast payments.

After analyzing the principle of transaction routing in different LN clients, a hacker can increase the attractiveness of their own nodes. This will increase the chances of passing through them.

One of the researchers Mr. Zohar said: "We were able to open channels selected as a route for a transaction. After that, we stop the payment, the new path passes through other channels that also belong to us."

The expert noted that it will take only 2 thousand dollars to attack 80% of all payments. To achieve this goal, about 20 payment channels are required. This is not the only problem that the marketplace faces. Recall that the article "Bitfinex Exchange is under attack" tells about the lawsuit filed against it in the United States.

Bitfinex crypto exchange plans to launch prediction markets

The Bitfinex trading platform aims to launch a platform for prediction markets. The company expects to do this before the end of next year. Paolo Ardoino told about the exchange's plans.

Bitfinex is currently working on narrowing the scope of the project in order to increase the speed of its implementation. The technical Director said that the difficulty lies in protection, so in addition to verified users, no one will be allowed on the site.

Prediction markets allow customers to place bets on the results of various events. Mr. Ardoino emphasized that the site's offer does not fall under the definition of gambling. Bitfinex also intends to offer users new products, including perpetual swaps, gold-backed stablecoin, options and futures.

Bitfinex plans to launch new tools

In the first quarter of next year, Bitfinex will offer options to customers. After that, there will be available futures for asset baskets and swaps without expiration dates. Paolo Ardoino noted that the crypto exchange plans to issue stablecoin Tether Gold, which is backed by gold. The usdt technical Director did not provide details.

Mr. Ardoino noted that it took months to create derivatives. In order to increase liquidity before launching options, the crypto exchange started working with market makers. The top Manager said that customers of the trading platform will be able to purchase products for digital currencies using gift cards. For their release, Bitfinex intends to work with a well-known partner.

Ardoino noted: "It is important that users become aware of the high value of cryptographic currencies, and they do not just make transactions on the exchange in one direction, then in another."

Bitfinex, along with Coinbase and Binance, has the most liquid bitcoin pairs

Larry Cermak, who heads the Block's research Department, established the level of liquidity of trading pairs with bitcoin on different trading platforms. The usual sales volume indicator for everyone does not adequately reflect the situation on the crypto exchange, because it is easy to fake it.

The expert noted, "Liquidity is important for market participants. The appropriate parameter is the size of the order book. It can also be forged, but this will require more costs and make such data manipulation much more difficult."

If we talk about a liquid pair with bitcoin, then Binance has a value of $ 6.54 million., in second place is Coinbase with $ 5.81 million., closes the top three Bitfinex with $ 5.47 million.

The Bitfinex crypto exchange continues to please users by expanding its services and offering new tools. The latest achievement is the implementation of the Lightning Network. In the near future, the company intends to launch derivatives and prediction markets. Why not try the Bitfinex exchange in action? Many users are happy with it and prefer it more than any other platform.