Bitfinex Enables Deposits and Withdrawals for Tether tokens (USDt) on Polkadot
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Bitfinex enables deposits and withdrawals for Tether tokens (USDt) on Polkadot
In media releases
ROAD TOWN, British Virgin Islands, September 23, 2022 – Bitfinex, a leading digital token trading platform, has enabled its customers to deposit and withdraw Tether tokens pegged to the United States Dollar (USDt) on Polkadot, a blockchain that connects multiple chains into a single network.
Polkadot describes itself as a multi-chain application environment consisting of a relay chain, parachains, parathreads and bridges. Blockchain allows different chains to securely exchange data and process transactions in parallel, solving major scalability issues that have hindered blockchain development.
In addition, Polkadot introduces an advanced, open governance system that allows the network to innovate and grow much faster than legacy networks. Applications from decentralized finance and energy to the Internet of Things (IoT) and gaming thrive on Polkadot, challenging the centralized platforms of Web 2.0.
Polkadot is among 13 blockchains where USDt is available, including Algorand, Avalanche, Bitcoin Cash’s Simple Ledger Protocol (SLP), EOS, Ethereum, Liquid Network, NEAR, Omni, Kusama, Solana, Tezos, and Tron. The integration of USDt into Polkadot shortens confirmation times, speeds up payments and lowers transaction costs.
“We are excited to add another blockchain to enable our customers to deploy their Tether tokens,” said Paolo Ardoino, CTO of Bitfinex. “Polkadot has a thriving ecosystem and I’m sure our customers will appreciate being able to access this chain on our platform with Tether.”
Similar to the early Internet-connected private and public networks worldwide, Polkadot connects the blockchain and legacy networks. Polkadot, the brainchild of British computer programmer and Ethereum founder and former CTO Gavin Wood, paves the way for the emergence of decentralized marketplaces by providing equitable access to services across multiple applications and providers. Polkadot allows blockchains to update themselves without needing to crash the chain.
USDt is supported by numerous e-commerce platforms and payment gateways and already offers faster payment compared to many credit and debit cards and traditional payment systems.
Founded in 2012, Bitfinex is a digital token trading platform that offers state-of-the-art services to traders and global liquidity providers. In addition to advanced trading features and charting tools, Bitfinex offers access to peer-to-peer funding, OTC markets and margin trading for a wide range of digital tokens. Bitfinex’s strategy is focused on providing unparalleled support, tools and innovation to experienced traders and liquidity providers around the world. Visit http://www.bitfinex.com for more information.
Media contact for Bitfinex
Senior PR Manager