January 16 Bitfinex partners with Synonym to connect more customers to the Lightning Network
In media releases
Road Town, British Virgin Islands – January 16, 2024 – Bitfinex, the leading digital asset trading platform, has teamed up with Synonym to offer a feature that allows customers to purchase Lightning Network connections for instant deposits, withdrawals and payments. The Lightning Channel feature is provided by Blocktank, operated by Synonym, a subsidiary of Tether Holdings Limited.
Bitfinex customers using Lightning nodes can now easily connect to the Blocktank node within Bitfinex. In the past, they had to follow a cumbersome process: first withdrawing their Bitfinex balance to their node, navigating complex metrics, selecting a peer, and then opening the channel manually. Instead, they had to search for third-party Lightning providers or listings on liquidity markets and purchase channels from them using their wallet. Now, they can easily access large reception capacity without this extra hassle.
Bitfinex runs some of the largest Lightning nodes, handles more than 12,000 transactions per month and maintains an average liquidity of around $800 BTC. The accelerator network, which enables extremely fast transactions and dramatically reduces costs, provides a transformative payment solution for both businesses and individuals.
“As one of the first exchanges to integrate the Lightning Network, the addition of this new feature is another testament to Bitfinex’s continued commitment to providing tools that provide financial freedom. This allows payments to be made anywhere, anytime at a very low cost.” This was stated by Paolo Ardoino, CTO of Bitfinex. “By giving customers access to a fast and easy payment, deposit and withdrawal process, we have not only amplified the capabilities of the accelerating network but also enhanced accessibility and convenience within the Bitfinex ecosystem. By collaborating with Synonym, we are driving a new era of lightning-based transactions, enabling Reinforces Bitfinex's role as a leader in the digital asset trading scene.
Blocktank from Synonym is a Lightning Service Provider (LSP) that connects clients to the Lightning Network. Integrated with the Bitkit wallet and now with Bitfinex, it provides a simplified experience for setting up Lightning channels, enabling instant and borderless payments without the need for external custodians.
“We are excited to see Bitfinex innovate for its customers by making it easier than ever to use the accelerated network.” said John Carvalho, CEO of Synonym. “By simplifying access to an economy where money moves at the speed of light, we are empowering individuals to experience financial freedom on their terms.”
The Lightning Network serves as the primary scaling solution for Bitcoin. This layer 2 protocol is specifically designed to enable users to establish payment channels between any two parties on this additional layer. In doing so, it returns Bitcoin to one of its primary purposes as a peer-to-peer payment network. Despite the inherent volatility of the cryptocurrency market, the Bitcoin Lightning Network has improved Bitcoin's ability to facilitate fast, large, and cost-effective payments.
About Bitfinex
Founded in 2012, Bitfinex is a digital token trading platform offering state-of-the-art services to traders and global liquidity providers. In addition to a range of advanced trading features and charting tools, Bitfinex provides access to peer-to-peer financing, an OTC market, 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 www.bitfinex.com to learn more.
About synonym
Founded in 2020, Synonym is leading the way toward a Bitcoin-centric economy by designing and developing an ecosystem of products and protocols that includes Bitkit, Blocktank, and Slashtags. Committed 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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