No more manual work needed! Bitfinex to launch automated lending platform "Lending Pro"

The well-established cryptocurrency exchange Bitfinex has been offering margin trading and margin funding services since the early stages, but due to issues such as short lending periods, users often had to manually optimize their funds or rely on third-party lending bots in the market. Now, Bitfinex has finally announced the launch of an automated lending platform called "Lending Pro."

No More Lending Downtime

Bitfinex has announced on its trading social platform, Bitfinex Pulse, that "Lending Pro" is a highly customizable platform that can automate execution based on user preferences, lending strategies, and market conditions to maximize capital efficiency. It is expected to be launched in early August. The platform's main features include:

• Financial Statements: Assist in understanding lending history
• Lending Calculator: Assist in understanding expected returns
• Lending Matching Page: Assist in seeking the best interest rates

Low Market Attention

Previously reported was Bitfinex's social platform, Bitfinex Pulse, which appears to be a failure as there is minimal user interaction. However, Bitfinex also announced the launch of an automated lending platform on Twitter, which has not garnered much attention from users.

It can be said that Bitfinex has not effectively utilized its early advantage as the largest cryptocurrency lending platform, turning a blind eye to issues such as short lending periods and lending downtime, allowing third-party lending bots in the market to connect to its lending services.

In addition to the late introduction of automated lending, with the continuous launch of DeFi lending platforms, some of which offer advantages such as liquidity mining, Bitfinex's lending rates are no longer as competitive as before. Bitfinex also faces competition from centralized lending institutions like BlockFi and Celsius Network.

As the landscape of cryptocurrency exchanges evolves, Bitfinex no longer seems to be a core exchange frequently discussed within the community. Furthermore, Bitfinex, entangled in legal issues, is still awaiting resolution of its lawsuit with the New York Attorney General. In April 2019, the New York Attorney General accused Bitfinex of using the stablecoin USDT to cover up its financial shortfall, and according to the latest developments, Bitfinex will have to submit relevant documents to the court.