Bitfinex Enables Deposits and Withdrawals for Tether tokens (USDt) on Polkadot - Bitfinex blog
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23 Sep Bitfinex Enables Deposits and Withdrawals for Tether tokens (USDt) on Polkadot

Posted at 15:26h in Media Releases by


ROAD TOWN, British Virgin Islands, September 23 2022 – Bitfinex, a state-of-the-art digital token trading platform, has enabled its customers to deposit and withdraw Tether tokens pegged to the U.S. dollar (USDt) on Polkadot, a blockchain that connects several chains together in a single network.

Polkadot describes itself as a multichain application environment consisting of a relay chain, parachains, parathreads and bridges. The blockchain enables different chains to exchange data securely and process transactions in parallel, thereby solving major scalability issues that have impeded blockchain development. 

Furthermore, Polkadot introduces what it says is an advanced, open governance system that will allow the network to innovate and grow at a much more rapid pace than legacy networks. Applications from decentralized finance and energy to Internet of things (IoT) and gaming thrive on Polkadot, challenging the centralized platforms of Web 2.0. 

Polkadot is among thirteen blockchains on which 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 on Polkadot reduces confirmation times, makes payments faster and lowers transaction costs.

“We are pleased to be adding another blockchain for our customers to be able to deploy their Tether tokens,” said Paolo Ardoino, CTO at Bitfinex. “Polkadot has a flourishing ecosystem and I’m sure that our customers will appreciate being able to obtain access to this chain on our platform using Tether.”

In the same way in which the early internet-connected private and public networks globally, Polkadot connects blockchain and legacy networks. Polkadot, the brainchild of British computer programmer and Ethereum co-founder and former CTO Gavin Wood, is paving the way for the emergence of decentralized marketplaces by offering equitable access to services through a variety of apps and providers. Polkadot enables blockchains to upgrade themselves without the need to fork the chain. 

USDt is supported by numerous e-commerce platforms and payment gateways, and already provides faster payment as compared to many credit and debit cards, and traditional payment systems.

*All customers of www.bitfinex.com are subject to Bitfinex’s terms of service [Link to the TOS] (“TOS”). Please note that U.S. persons (as defined in the TOS), among other prohibited persons (as defined in the TOS), are strictly prohibited from directly or indirectly holding, owning or operating an Account (as defined in the TOS) on www.bitfinex.com.   

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About Bitfinex

Founded in 2012, Bitfinex is a digital token trading platform offering state-of-the-art services for traders and global liquidity providers. In addition to a suite of advanced trading features and charting tools, Bitfinex provides access to peer-to-peer financing, an OTC market and margin trading for a wide selection of digital tokens. Bitfinex’s strategy focuses on providing unparalleled support, tools, and innovation for experienced traders and liquidity providers around the world. Visit www.bitfinex.com to learn more.

Media Contact for Bitfinex

Joe Morgan

Senior PR Manager

joe.morgan@bitfinex.com

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