Ethfinex Spins out of Bitfinex

Ethfinex, now known as DeversiFI, intend to give users full control over their funds and provide better security, while still having the deep order book found in most centralized exchanges. In addition, it is also looking into giving the users greater control through a decentralized autonomous exchange platform.DeversiFI is an independent exchange. It’s aimed at providing users with full access to a plethora of facilities and financial products from their own private wallets.

CEO of DeversiFI Will Harborne said the previous platform had gone far providing a functional hybrid DEX with good liquidity and UX. “DeversiFI is a radical idea, but it could be at the bleeding edge of the crypto space, so long as the future truly is decentralized,” he said.

The IEO platform, Tokenix, is expected to stay with Bitfinex.

DeversiFI radical decentralization platform

There are plans to offer new trading facilities for transactions by users that contribute towards the still-nascent DeFi space. This will involve the integration of decentralized margin lending protocol bZx Fulcrum. CEO Harborne said it’ll make collateralization and liquidation more transparent and reduce the risks associated with crypto derivative products.

CEO Harborne reported that since DeversiFI is a non-custodial exchange, it’ll be exempted from some requirements that restrict centralized platforms. These restrictions include users not having to complete KYC (they can trade privately on the platform).

He added that DeversiFI is now a separate entity of Bitfinex and the larger holding company, iFinex. Although the new company doesn’t see them as potential competitors. “DeversiFi is focused on a different customer segment,” Harborne said.

Previous Ethfinex Users

The previous Ethfinex users are entitled to use the new decentralized platform by withdrawing tokens into their private wallets. Digital assets left on the old platform will be transferred when the server finally shuts down in the months to come.

The exchange has advocated for greater decentralization in the crypto space. Harborne revealed that there are plans to launch a “significant” DAO in the coming months. Users will be voting with the overhauled Nectar (NEC) governance token, which has also migrated over from Ethfinex.