Ethfinex to Launch Trustless - OTC Trading Desk

The fee on the new platform amounts only 0.02% and there's no need for KYC procedure or registration
03 June 2019   185

The hybrid decentralized exchange Ethfinex Trustless has launched a distributed OTC-platform, where the exchange is carried out through atomic swaps, and the escrow accounts are completely excluded from the transaction process.

Thus, the commission on the new platform is significantly less than the indicators of traditional OTC-markets and amounts to 0.02% of the transaction against 2-5%. At the same time, there is no centralized book of orders on the exchange and a matching application mechanism (matching), which allows users to trade any ERC-20 token, as well as specify customized Ethereum addresses for tokens that are not traded at all on other sites.

Note that users do not need to register or use a KYC procedure to begin trading, but residents of the United States and some other jurisdictions will not be able to access the new platform (they will probably be restricted by IP addresses).

Ethfinex claims that they were the first to launch a similar service. Perhaps this may be true, but it is worth adding that the OTC platform from the Hodl P2P exchange Hodl works on the basis of non-castodial escrow addresses with a multi-signature to eliminate the risk of loss of funds. However, the latter still takes over the match.

Ethfinex Trustless by Bitfinex was launched in September 2018. The exchange aims to eliminate the problems inherent in centralized platforms, such as delays in depositing / withdrawing funds, long answers from technical support and the possibility of loss of assets as a result of hacker attacks.

Coinone to Join RippleNet

Coinone and Ripple cooperation started in May 2018, and now exchange believes it will help to create wide range of blockchain based financial services
18 June 2019   171

The Korean exchange Coinone, a member of the Big Four of Asian cryptocurrency exchange platforms, has joined the RippleNet network, AMBcrypto reports. Through participation in RippleNet, Coinone will be able to use Ripple's xCurrent solution to provide interbank services to its customers.

Coinone CEO Shin Won Hee, in a conversation with local media, said that his company would rely on cooperation with SBI Ripple Asia in creating a wide range of financial services based on blockchain technology.

According to the media, Coinone was the first exchange in South Korea, which joined RippleNet. As part of the cooperation with SBI Ripple Asia, Coinone intends to “organize overseas remittance events for 3,000 new subscribers to the block chain overseas remittance service.”

Coinone and Ripple started working together in May 2018, when the company integrated xCurrent solution into its own payment service called Cross. According to updated data, customers of the exchange can send transfers to eight Asian countries through the system, taking advantage of reduced commissions.

Earlier this month, Siam Commercial Bank, the largest commercial bank in Thailand, said it would use XRP cryptocurrency in its operations, but later, for unknown reasons, refused this statement.