Ethfinex has left Bitfinex and officially rebranded as DeversiFi.

The decentralized trading platform Ethfinex, formerly under Bitfinex, has now spun off and operates independently as DeversiFI. The team aims to provide users with full ownership of their funds and increased security, while also facilitating large orders with most centralized exchanges. Moving forward, they plan to offer the community greater control through a decentralized autonomous organization.

The Ethereum-based trading platform officially announced today that it has become DeversiFI, a completely independent exchange that will create a platform for users to access a wide range of infrastructure and financial products through private wallets. The IEO platform Tokenix will continue to stay on Bitfinex.

According to DeversiFI CEO Will Harborne, former CEO of Ethfinex, Ethfinex has done its best to provide liquidity and a good experience for users, allowing users to maintain control over their assets while offering fast trading speeds, avoiding price spreads. Regarding the split, he stated:

This is the "necessary next step" in the evolution of basic trading infrastructure. We see DeversiFi ushering in a new era of trading encrypted assets, returning power to the users' hands through trustless trading solutions.

DeversiFI plans to provide new trading facilities and products to help develop the still immature DeFi environment. This will include integration with the decentralized margin lending protocol bZx Fulcrum. Harborne stated:

This will make collateral and liquidation more transparent and eliminate risks associated with crypto derivative products.

As a non-custodial exchange, Harborne mentioned that DeversiFI can avoid certain requirements imposed by centralized exchanges, such as KYC, allowing users to trade privately on the platform.

Although DeversiFI is now completely separate from Bitfinex, Harborne does not consider them potential competitors. He believes:

DeversiFi focuses on a different customer base, especially users who want full control over the assets they own.

Reports indicate that former Ethfinex users can transfer tokens back to their personal wallets to use the new platform. Servers will be shut down in September, at which point any remaining crypto assets on the Ethfinex platform will be automatically transferred.

In the past, decentralized exchanges sacrificed trading speed and depth because all transactions were processed on-chain. DeversiFi claims to end this long-standing flaw and create a fast, highly liquid, feature-rich, and user-friendly platform while retaining the security of a decentralized platform.

Further Reading

• Ethereum Emerging Victorious from the Public Chain Wars
• Bitcoin Ranks as the 11th Largest Currency Globally, Surpassing the Australian Dollar

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