Bitfinex Announces Support for pNetwork to Bring Crypto Assets Cross-Chain
Major cryptocurrency exchange Bitfinex has announced plans to integrate with the pNetwork, a cross-chain DeFi system that facilitates the frictionless transfer of assets from one blockchain network to another. The initial launch will include pToken versions of Bitcoin (pBTC), Ethereum (pETH), and Litecoin (pLTC) to be listed on eosfinex, Bitfinex’s EOS-based non-custodial digital asset exchange. This will make the world’s leading cryptocurrencies available on the EOS blockchain through the Bitfinex on-chain ecosystem.
“We’re delighted to announce this significant milestone providing Bitfinex customers the opportunity, through our noncustodial service, eosfinex, to trade leading digital tokens cross-chain,” said Paolo Ardoino, CTO at Bitfinex. “Our support for pTokens will provide a much-needed gateway to the DeFi ecosystem for Bitfinex customers using Bitfinex liquidity.”
Despite several high profile hacks and exit scams perpetrated recently, the DeFi space continues to grow and show promise. However, cross-chain tokenization remains largely restricted by secure measures in place between differing blockchains.
The pTokens systems aims to make the use of major cryptocurrencies possible on any blockchain without restriction by creating DeFi versions of the tokens that maintain equal value. This opens up access to a much wider selection of blockchain-powered applications across all different networks. The pNetwork is the governance layer of the pTokens system, supporting validators that are rewarded for helping secure the network and maintain accuracy of token pegs. It is home to the pNetwork DAO and the ecosystem’s governance token PNT.
The eosfinex integration with the pTokens cross-chain network is a huge boost for both the Ethereum and EOS ecosystems, which have both been major players in the emerging DeFi space. The tokenization of Bitcoin and and other major cryptocurrencies will allow them to be easily transferred to DeFi blockchains directly from the Bitfinex platform.
Following the launch, pBTC, pLTC and pETH deposits and withdrawals will be available on Bitfinex for Ethereum and EOS through the pTokens network.
“While pTokens connects multiple blockchain environments, eosfinex bridges the centralized and decentralized exchange worlds,” said Steven Quinn, Head of Product & Business Strategy at eosfinex. “This strategic cooperation between the two projects will result in a high throughput, cross-chain, decentralized trading experience for DeFi users.”
Thomas Bertani, the project lead at pNetwork, believes the partnership will be highly beneficial to crypto users, helping to unlock new capabilities of the top cryptocurrencies and making them compatible across different blockchain-based dApps.
“eosfinex and pTokens both aim to improve the decentralized finance experience for users,” he said. “[It] lets its users tap directly into Bitfinex order books, bringing the liquidity of a major centralized exchange to the decentralized world.”
About Bitfinex and the eosfinex exchange
The eosfinex platform provides non-custodial services powered by the Bitfinex digital asset exchange, offering a reliable and highly liquid trading experience on EOSIO technology. Users are able to trade on eosfinex directly from their EOS non-custodial wallet with all the benefits of the robust Bitfinex platform.
Founded in 2012, Bitfinex is one of the longest-running cryptocurrency exchanges in the world, offering reliable, modern services and high liquidity. Beyond its trading capabilities, Bitfinex also offers users access to peer-to-peer financing, an OTC market and margin trading for a wide range of cryptocurrencies.