January 16th Bitfinex partners with Synonym to connect more customers to the Lightning Network.
Road Town, British Virgin Islands – January 16, 2024 – Bitfinex, a leading digital asset trading platform, has teamed up with Synonym to introduce the ability for customers to purchase Lightning Network connectivity for instant deposits, withdrawals, and payments. Lightning Channel functionality is provided by Blocktank operated by Synonym, a subsidiary of Tether Holdings Limited.
Bitfinex customers using Lightning nodes can now easily connect to Blocktank nodes from within Bitfinex. In the past, you had to follow the cumbersome process of first withdrawing your Bitfinex balance to a node, navigating complex indicators, selecting a peer, and then manually opening a channel. Alternatively, you would have to search through a list of external lightning service providers or liquidity marketplaces and purchase channels using your wallet. You can now seamlessly access significant receiving capacity without this additional hassle.
Bitfinex operates some of the largest Lightning nodes, processing over 12,000 transactions per month and maintaining an average liquidity of around 800$BTC. Enabling lightning-fast transactions and drastically reducing costs, the Lightning Network provides innovative payment solutions for businesses and individuals alike.
“As one of the first exchanges to integrate the Lightning Network, the addition of this new feature further demonstrates Bitfinex’s ongoing commitment to providing tools that provide financial freedom. This allows payments to be made anytime, anywhere at a very low cost.” Paolo Ardoino, Chief Technology Officer at Bitfinex, said: “By providing our customers with access to fast and easy payment, deposit and withdrawal processes, 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 pioneering a new era of lightning-based trading and strengthening Bitfinex’s role as a pioneer in the digital asset trading environment.”
Synonym’s Blocktank is a Lightning Service Provider (LSP) that connects customers to the Lightning Network. Bitkit Wallet and now integrated with Bitfinex provide a streamlined experience for setting up Lightning channels, enabling instant, borderless payments without a third-party custodian.
“We’re excited to see Bitfinex innovate for its customers by making Lightning Network easier to use than ever.” John Carvalho, CEO of Synonym, said: “By simplifying access to an economy where money moves at the speed of light, we are empowering individuals to experience financial freedom on their own terms.”
The Lightning Network serves as Bitcoin’s primary scaling solution. This second layer protocol is specifically built to allow users to establish payment channels between two parties at this additional layer. This restores Bitcoin to one of its primary purposes: as a peer-to-peer payment network. Despite the inherent volatility of cryptocurrency markets, the Bitcoin Lightning Network enhances Bitcoin’s capabilities to facilitate fast, large-scale, and cost-effective payments.
Introduction to Bitfinex
Founded in 2012, Bitfinex is a digital token trading platform that provides cutting-edge services to traders and global liquidity providers. In addition to a series of advanced trading features and charting tools, Bitfinex offers access to peer-to-peer finance, OTC markets, and margin trading for a variety of digital tokens. Bitfinex’s strategy is focused on providing unparalleled support, tools and innovation to skilled traders and liquidity providers around the world. For more information, please visit www.bitfinex.com.
Introduction to synonyms
Founded in 2020, Synonym is leading the Bitcoin-centric economy by designing and developing an ecosystem of products and protocols that include Bitkit, Blocktank, and Slashtags. Adhering to the principles of digital autonomy, privacy, and open source technology, Synonym empowers individuals to take control and ownership of their digital lives. Learn more at www.synonym.to.
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