ROAD TOWN, British Virgin Islands – Jan 16, 2024 – Bitfinex, the leading digital asset trading platform, has collaborated with Synonym to introduce a feature allowing customers to purchase connections to the Lightning Network for their deposits, withdrawals and instant payments. The Lightning Channel functionality is provided by Blocktank, which is operated by Synonym, a subsidiary of Tether Holdings Limited.
Bitfinex now allows customers using Lightning nodes to easily connect with Blocktank within Bitfinex. Previously, they had to go through a tedious process: first withdrawing their Bitfinex balance to their node, navigating through complex metrics, selecting a peer, and then manually opening a channel. Otherwise, they had to search for external Lightning Service Providers or listings on liquidity markets and purchase channels from them using their wallet. Now they can seamlessly access substantial receive capacity without these additional obstacles.
Bitfinex operates some of the largest Lightning nodes, handling over 12,000 transactions and maintaining average liquidity of almost $680BTC each month. The Lightning Network, which enables lightning transactions and significantly reduces costs, offers a transformative payments solution for both businesses and individuals.
“ As one of the first exchanges to integrate the Lightning Network, the addition of this new feature demonstrates Bitfinex’s continued commitment to providing the tools that empower financial freedom. This allows payments to be made anywhere and at any time at very low cost,” said Paolo Ardoino, Chief Technology Officer of Bitfinex.
“By giving customers access to a fast and simple payment, deposit and withdrawal process, we have not only amplified the capabilities of the Lightning Network, but also improved accessibility and convenience within the Bitfinex ecosystem. By collaborating with Synonym, we are paving the way for a new era of Lightning-based transactions, strengthening Bitfinex’s pioneering role in the digital asset trading landscape.“
Synonym Blocktank is a Lightning Service Provider (LSP) that connects customers to the Lightning Network. Integrated with the Bitkit wallet and now with Bitfinex, it provides a simplified experience for setting up Lightning channels, enabling instant, borderless payments without the need for third-party custodians.
“ We’re excited to see Bitfinex innovate for their customers by making using the Lightning Network easier than ever,” said John Carvalho, Chief Executive Officer of Synonym. “By providing simplified access to an economy where money moves at the speed of light, we give people the power to experience financial freedom on their own terms.”
The Lightning Network serves as the primary scaling solution for Bitcoin. This second layer protocol is specifically designed to allow users to establish payment channels between two parties on this additional layer. In doing so, it reaffirms one of the fundamental purposes of Bitcoin as a peer-to-peer payment network. Despite the inherent volatility of the cryptocurrency market, Bitcoin’s Lightning Network has enhanced Bitcoin’s ability to facilitate fast, large, and low-cost payments.
About Bitfinex
Founded in 2012, Bitfinex is a digital token exchange offering industry-leading services for traders and liquidity providers globally. In addition to a suite of advanced trading features and charting tools, Bitfinex offers access to peer-to-peer funding, an OTC market, and margin trading for a wide selection of digital tokens. Bitfinex’s strategy focuses on providing unparalleled support, tools and innovations for experienced traders and liquidity providers worldwide. Visit www.bitfinex.com to learn more.
About Synonym
Founded in 2020, Synonym is leading the way for a Bitcoin-centric economy by designing and developing an ecosystem of products and protocols that includes Bitkit, Blocktank and Slashtags. Committed to the principles of digital empowerment, privacy and open-source technology, Synonym empowers individuals to take control and ownership of their digital lives. To learn more, visit www.synonym.to.
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