Bitfinex Plans to Support Verge (XVG) and Stellar (XLM)

One of the biggest crypto exchanges in the world, Bitfinex, has decided to add Verge and Stellar Lumens to the list of cryptos that they are supporting. This has come as a direct consequence of the newly-announced fiat pairs which include Japanese Yen, as well as British Pound.

Bitfinex added additional trading pairs and two new coins

Bitfinex is one of the biggest digital currency exchanges in the world. In currently supports up to 56 cryptos, and all of them can be used for trading with the US dollar, as well as via Bitcoin (BTC). They added 12 new tokens from Ethereum just last month, and the combined capitalization on the market for these coins is over $11 billion. Verge’s market cap is currently estimated at $11 billion, while Stellar is at $8 billion. As for Bitfinex itself, right now, it ranks as the 6th largest exchange, with a trading volume exceeding $1 trillion.

Stellar is one of the very popular open-source networks and can be used for making new financial products. Its goal is to allow individuals and banks to connect in a decentralized way. It can offer fast transactions across the border, and it was co-founded by one of the co-founders of Ripple, Jed McCaleb. McCaleb decided that he wanted to start his own, new crypto, due to fears that Ripple is not properly decentralized. Originally, Stellar came to be as one of the forks for Ripple. However, it has had its code re-written since its existence started.

As for Verge, it is a fork of Bitcoin (BTC), and it was designed for making regular, everyday payments. It originated back in 2014 when it was called DogeCoinDark. It uses the so-called Wraith protocol, due to which it can let its users switch from public to private ledgers, and vice versa. Because of this, it was always seen as a privacy coin, which does not allow blockchain explorer to see the transaction data if Wraith is in use.

A reputation like this made Verge a very desirable currency for some platforms, so it made sense when it announced a new partnership with the company called Mindgeek on April 17. Mindgeek is known for owning adult websites like Pornhub, and this revelation came only two weeks after a crowdfunding campaign that was fulfilled mostly by TokenPay. TokenPay was already Verge’s partner at this point. Crypto’s price went up for 150% following the announcement, and its current value is at around $0.08.

Bitfinex adds new fiat pairs

March 29th brought new development regarding Bitfinex, and on this day, they decided to add additional fiat pairs. Those include a support for JPY (Japanese Yen), and for GBP (British Pound). Of course, since the Yen is responsible for over 55% of Bitcoin trading on the global level, Japanese market itself is very important to the crypto world. GBP came as a bit of a surprise, though, considering that its trading volume only adds up to about 1% of the market or less.

Trading is now live for XLM and XVG.

Both pairs can be traded against BTC, ETH, USD, EUR, GBP & JPY.

— Bitfinex (@bitfinex) May 1, 2018

Bitfinex’s CEO, Jean-Louis van der Velde stated that the company is satisfied with their selection, and feels like they are doing their part in making cryptos more accessible on a global level. The company is doing its best to make a push towards transparency, as well as regulatory collaboration around the world. They feel like their support to said markets will have a strong impression.

Another announcement from this company states that they are willing to support Tron’s (TRX) migration scheduled for June, where the currency is expected to move to its MainNet. Trading itself should not be affected by this, but the same cannot be said for deposits and withdrawals, which will probably be impossible from June 21 to June 26.

When it comes to Bitfinex’s choices, they come from a method called a multi-faceted method. By employing it, they take several things into an account. Those include interest shown by shareholders, parameters regarding token designs, requests from users, market cap, as well as their personal assessment of the currency in question. Of course, they also include the capabilities of the team that created the coin.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Brian H.Y via Flickr