Bitfinex Prioritizes User Safety as it Reveals Details of Support for Upcoming Ethereum Merge - Bitfinex blog
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Bitfinex Prioritizes User Safety as it Reveals Details of Support for Upcoming Ethereum Merge

ROAD TOWN, British Virgin Islands, September 5, 2022 – Bitfinex, a state-of-the-art digital token trading platform, has today shared details of how it intends to support the upcoming Ethereum Merge and ensure a safe and seamless transition for customers as Ethereum undergoes its most significant upgrade to date. 

The Merge is one of the most important chapters in Ethereum’s history as it permanently changes the underlying consensus mechanism used to secure the blockchain network.

When the Merge occurs it will take the current Ethereum blockchain, which operates on a proof-of-work model, and merge it with its proof-of-stake chain. Following this, all transactions on Ethereum will be reached via a proof-of-stake consensus mechanism. The upgrade will make the Ethereum blockchain substantially more energy efficient.

“The Ethereum Merge is a monumental event in Ethereum’s history and we will be supporting it when it occurs to ensure that our users have a safe and seamless customer experience,” said Paolo Ardoino, CTO at Bitfinex. “As we approach this event, customers can also take advantage of the Ethereum Chain Split Tokens we have made available on our platform, which enables the trading of ETHW and ETHS tokens, and position themselves for all eventualities in the run up to the Merge.” 

Chain Split Tokens enable users to trade on the potential fork event in the Ethereum consensus protocol, which may result in ETH Proof of Work (PoW) and ETH Proof of Stake (PoS) tokens. 

Protecting Users in Any Eventuality

Though no date is formally set, the Ethereum Merge is expected to occur between September 10-20, 2022. At this time, a snapshot of all ETH balances and margin positions will be taken. To execute a smooth transition, deposits and withdrawals for ETH and all Ethereum-based (ERC20) tokens may be temporarily suspended for accounting and reconciliation purposes. Other than that, Bitfinex will endeavour to support the Merge as seamlessly as possible for its users.

To further protect Bitfinex users, all forked tokens will go through the same strict listing review process as Bitfinex does for all digital tokens. Bitfinex does not guarantee any listings as per its internal policy.

Bitfinex is one of the oldest and most comprehensive platforms for digital token trading, offering a variety of services, including spot and margin trading, staking, borrowing and capital raising. Bitfinex’s cutting edge trading tools and unmatched customer support services are furthering blockchain-based financial freedom across the globe.

*All users of www.bitfinex.com are subject to Bitfinex’s terms of service (“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

[email protected]