Monday, December 5, 2022

Crypto Exchange Bitfinex Adds Verge (XVG), Stellar (XLM) for Trading

Crypto Exchange Bitfinex Adds Verge (XVG), Stellar (XLM) for Trading

Heavyweight cryptocurrency exchange Bitfinex started May off with listings of Verge (XVG) and Stellar (XLM), two top 25 crypto projects per market capitalization. The move is the latest flexing in a clearly apparent expansion bid, as Bitfinex also added a dozen new ERC20 tokens for trading in April 2018.

Also see: Binance Has Its ERC20s Audited, Hailing the Future of Best Practices

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Stellar, Verge, You’re In

Payments platform play Stellar (XLM) and privacy-centric crypto Verge (XVG) are now the newest entrants to Bitfinex’s digital asset trading platform.

Since the name of the game for ever-fledgling crypto projects is generating use and liquidity through exchange listings, then XLM and XVG are set to become a bit more entrenched, seeing as how Bitfinex handles daily trading throughput in excess of $1 billion USD.

Jean-Louis van der Velde, Chief Executive Officer of Bitfinex, said the listings were focused on extending the exchange’s platform:.

“Adding Stellar and Verge to our platform underlines our commitment to extend the reach of Bitfinex traders to the most exciting investment opportunities in the space. With a stellar combined market cap of $9+ billion, these elite tokens bolster our growing array of tokens as we continue to anticipate the needs and demands of the digital asset community.”

The additions bring Bitfinex’s listings over the past month to 14, after the exchange added 12 new Ethereum-based ERC20 tokens on April 7th, 2018.

“We look forward to maintaining this positive momentum in the weeks and months ahead,” noted van der Velde.

An Interesting Time to Move Toward Privacy Coins

It’s notable that Bitfinex, which recently enabled deposits and withdrawals for the Japanese yen, has embraced the privacy coin Verge at a time when Japanese regulators are reportedly pressuring exchanges over supporting privacy plays like Monero and Zcash.

Now, there’s a couple of qualifications here. Though the exchange supports the yen, it’s headquartered in Hong Kong and wouldn’t fall under the immediate purview of Japanese regulators. And Verge itself wasn’t mentioned in the original reporting regarding the pressuring.

Even still, Verge is often touted as a privacy coin, so from this reality we can reasonably surmise that Bitfinex won’t be backing down from coins just because they’re privacy-centric.

To that end, the privacy coin question is one that exchanges all across the world are already dealing with. Some will join Bitfinex in the “aye” column. Others will surely move away from these cryptocurrencies to mitigate regulatory woes.

It’s a key dynamic to keep an eye on in the months and years ahead.

What’s your take? How do you personally grade XLM and XVG? Sound off in the comments below. 

Images via Business Insider, Bitfinex

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