Popular digital trading asset platform, Bitfinex has announced today that it will launch its peer-to-peer trading platform in Latin America. According to the announcement, the service will be made available in Venezuela, Argentina, and Colombia.
The peer-to-peer (P2P) platform will enable customers from the region to directly trade digital assets like Bitcoin (BTC), Tether tokens (USDt and EURt), Tether Gold (XAUt), and Ether (ETH) directly with each other independent of the Bitfinex platform. Also, customers can swap tokens with each other on the platform.
CTO of Bitfinex, Paolo Ardoino, said in a statement that with the new development, Bitfinex is empowering its users to engage with the marketplace based on their needs and preferences.
“We are delighted to announce the launch of Bitfinex P2P in Venezuela, Argentina, and Colombia,” “By offering a reliable and efficient platform for P2P token trading, we are empowering our customers to engage with the marketplace in a way that affords maximum convenience based on their needs and preferences,” he said.
Related Reading: Buy Cryptocurrency on Bitfinex – A Beginners Guide
How the Bitfinex P2P marketplace works
The Bitfinex P2P marketplace is easy to use and quite straightforward. The two-stage procedure involves a ‘Maker’ (a customer who intends to exchange a supported token), and a ‘Taker’ (a customer who wishes to engage in trade following conditions laid out by the Maker).
The Maker signals intention to exchange a supported token by putting out an ‘Ad’ which is then publicly visible on the ‘Ad Board.’ The ‘Taker’ on the other hand, sees the Ad and then decides to engage in the trade according to rules defined by the Maker in the Ad.
Furthermore, details of buyers and sellers are made public in the Bitfinex P2P marketplace to create trust while performing trades. This would enable both parties to see details and transaction statistics before commencing with a trade. Statistics such as average payment time, trading volume, and trading counts are made publicly available.
In addition, Bitfinex also noted that a mobile version of the P2P platform will be launched later this year. The mobile version will include additional features to improve customer experience.
Bitfinex’s moves in Latin America
Meanwhile, the launch of the new Bitfinex peer-to-peer trading platform in Latin America comes strategically, as the crypto giant plans to expand its operation well into the region beyond Venezuela, Argentina, and Colombia.
Recall that in May 2023, Bitfinex announced in a statement that it had invested in “OrionX,” a Chilean cryptobank. Also, over the past two years, the company has worked closely with organizations in El Salvador such as ‘Mi Primer Bitcoin’ to support the growth of local businesses in the country.