Louisa Crawford
October 28, 2024 16:12
Bitfinex announced that it will integrate Tether (USDt) deposits and withdrawals on the Aptos blockchain, increasing transaction speeds and reducing user costs.
Bitfinex, a leading digital asset trading platform, announced the launch of Tether (USDt) deposits and withdrawals on the Aptos blockchain. According to blog.bitfinex.com, this development marks a significant improvement for Bitfinex users in that they will be able to conduct transactions on Aptos without the need for a third-party wallet.
The growing popularity of Aptos blockchain
The Aptos blockchain is known for its speed, scalability, and low transaction fees. There has been a noticeable surge in network activity over the past year. Aptos’ daily active users nearly doubled from 96,000 in January to 170,000 in July. Last May, Aptos made a breakthrough by becoming the first blockchain to maintain sub-second end-to-end latency across all transaction types, setting a new benchmark for transaction speeds in the Web3 space. The platform further strengthened its position by setting a new record in August, processing over 326 million transactions per day.
Importance of Tether (USDt) integration
As the market’s first and most widely used stablecoin, Tether’s USDt boasts a market capitalization of over $120 billion. Integration with Aptos allows Bitfinex users to benefit from the blockchain’s low fees and high-speed transactions. Henry Child, Head of Tokens at Bitfinex, emphasized the importance of this integration, saying it supports more seamless and cost-effective transactions for Bitfinex customers while strengthening the platform’s efforts to expand stablecoin access through innovative networks. .
Expanding blockchain support
With the addition of Aptos, Bitfinex now supports USDt deposits on 19 blockchains and withdrawals on 16 blockchains. This includes major networks such as Algorand, Avalanche, Ethereum, Solana, etc. However, withdrawals to Kusama, Bitcoin Cash SLP, and Omni Layer blockchains have been suspended since September 2023.
Introduction to Bitfinex
Founded in 2012, Bitfinex offers a comprehensive suite of services for traders and global liquidity providers, including advanced trading capabilities, peer-to-peer financing, OTC markets, and margin trading for a variety of digital tokens. The platform focuses on providing excellent support and innovative tools to seasoned traders around the world.
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