1. BITBILIHome
  2. Article

Bitfinex reveals strategic Bitcoin holdings amid market upswing

• 43 views

TL;DR Breakdown

  • Bitfinex has disclosed that it holds Bitcoin as a long-term investment, although specific figures are not revealed.
  • Paolo Ardoino, Bitfinex’s CTO, advocates for crypto exchanges to reinvest profits into Bitcoin, highlighting Bitfinex’s commitment.
  • Tether plans to allocate up to 15% of its profits to Bitcoin, shifting its reserves away from U.S. government debt.

Description

In a recent revelation, Bitfinex has disclosed its strategic commitment to Bitcoin (BTC). Historically, the platform has retained some of its trading fee earnings in Bitcoin. This move showcases Bitfinex’s unwavering faith in the pioneering cryptocurrency. However, the exact figures remain undisclosed. Bitfinex’s Chief Technical Officer, Paolo Ardoino, took to Twitter on Sunday. He emphasized … Read more

In a recent revelation, Bitfinex has disclosed its strategic commitment to Bitcoin (BTC). Historically, the platform has retained some of its trading fee earnings in Bitcoin. This move showcases Bitfinex’s unwavering faith in the pioneering cryptocurrency. However, the exact figures remain undisclosed.

Bitfinex’s Chief Technical Officer, Paolo Ardoino, took to Twitter on Sunday. He emphasized that crypto exchanges, which have reaped significant benefits from Bitcoin, should reinvest some of their profits into the digital currency. Bitfinex stands as a testament to this belief.

The exchange actively supports Bitcoin Layer 2 networks, including the Lightning Network and the Liquid Network. Furthermore, Bitfinex is making strides in the RGB protocol. This protocol facilitates more affordable and private transactions. It also simplifies the process of issuing tokens on Bitcoin.

Interestingly, this is the first time the news of Bitfinex holding Bitcoin on its balance sheet has come to light. On a related note, Tether, Bitfinex’s sister firm and prominent stablecoin issuer, ranks globally as the 11th largest Bitcoin holder.

Earlier this year, Tether unveiled its Bitcoin holdings. The firm announced its plan to allocate up to 15% of its profits to Bitcoin investments. This shift is part of Tether’s strategy to pivot its reserves from U.S. government debt to cryptocurrency. Currently, Tether’s Bitcoin holdings stand at an impressive $1.6 billion.

Notably, only a handful of firms, including Bitfinex and Tether, hold Bitcoin on their balance sheets. Other notable names in this exclusive list are MicroStrategy, Tesla, and Square.

Bitfinex earlier announced a partnership with Vakıfbank, a top-tier bank in Turkey. This collaboration aims to offer low or zero-cost deposit transactions for Turkish customers. As a result, clients can now deposit Turkish Lira directly into their Bitfinex accounts without incurring any fees.

On the market front, Bitcoin exhibits a bullish trend. The cryptocurrency has seen a modest 0.13% price surge. It currently hovers between a support level of $25,736.47 and a resistance level of $26,087.14. Market analysts predict a continued positive trajectory, backed by a 30.56% surge in Bitcoin’s trading volume, now at $10.57 billion.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:Bitfinex reveals strategic Bitcoin holdings amid market upswing

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年9月5日 06:37
Next 2023年9月5日 07:42

Related articles

  • Fitch Ratings expresses concerns over US debt, keeps “AAA” credit rating on negative watch

    TL;DR Breakdown Fitch Ratings expresses concerns about the US government’s ability to repay its debt, placing its “AAA” credit rating on negative watch. Despite the recent debt limit agreement, Fitch maintains its negative watch due to governance shortcomings and political polarization. A potential credit rating downgrade could make borrowing debt more expensive for the US and divert funds from other priorities. The erosion of the US dollar’s dominance as a reserve currency is also a concern. Fitch Ratings, one of the largest credit rating agencies in the United States, has raised concerns about the country’s ability to repay its debt and placed its “AAA” credit rating on negative watch. Despite Congress agreeing to suspend the debt limit until 2025, Fitch remains cautious, highlighting a steady deterioration in governance and political polarization over the past 15 years. The agency cites repeated political standoffs and last-minute suspensions as factors that lower confidence in governance on fiscal and debt matters. While Fitch acknowledges the exceptional strengths of the US economy, it warns that these strengths could be eroded over time due to governance…

    Article 2023年6月8日

  • Netflix begins streaming video games – Here’s why you should care

    TL;DR Breakdown Netflix has rolled out video gaming to a select few in Canada and the United Kingdom, a watershed moment for Netflix’s gaming ambitions. Consoles like Microsoft’s Xbox Series X or Sony’s PlayStation 5 are not among the currently supported devices. The two games currently accessible are the original Oxenfree (created by Night School Studio, which Netflix now owns) and Molehew’s Mining Adventure. Description Netflix has begun the first public testing of its cloud-streamed games. Beginning Monday, some Netflix users in Canada and the United Kingdom will be able to enjoy Netflix games on select TVs, connected TV devices, and online via Netflix.com. Netflix’s VP of gaming, Mike Verdu, described this as a “limited beta test” for a small … Read more Netflix has begun the first public testing of its cloud-streamed games. Beginning Monday, some Netflix users in Canada and the United Kingdom will be able to enjoy Netflix games on select TVs, connected TV devices, and online via Netflix.com. Netflix’s VP of gaming, Mike Verdu, described this as a “limited beta test” for a small subset of…

    Article 2023年8月16日

  • Crypto scammers exploit celebrity images, NatWest reveals

    TL;DR Breakdown NatWest’s Celebrity Scam Super League reveals celebrities whose images have been exploited in crypto scams, with Peter Jones and Sir David Attenborough topping the list. Scam ads primarily originate on social media platforms, including Facebook and Twitter, and customers have fallen victim to fake investment articles and advertisements. NatWest warns consumers to be cautious of fake celebrity investment adverts online and calls for a collaborative effort with social media companies to eliminate these fraudulent practices. NatWest, a prominent British bank, has released its annual Celebrity Scam Super League table, revealing the celebrities whose images are unknowingly used by fraudsters to steal millions of pounds from unsuspecting individuals. Peter Jones, known for his role in Dragon’s Den, is topping the list, closely followed by renowned naturalist Sir David Attenborough. Surprisingly, Holly Willoughby and Philip Schofield, who jointly topped the table last year, have dropped out of the top rankings for the first time. Social media: The breeding ground for scam ads The majority of scam advertisements targeting consumers originate from social media platforms. Facebook and Twitter, among others, have…

    Article 2023年6月4日

  • Vitalik Buterin’s pre-crypto game makes waves on Ethereum’s IPFS Network

    TL;DR Breakdown Vitalik Buterin has introduced the real-time strategic game Slasha to the Ethereum IPFS. The founder of Ethereum said that he created the game in his pre-crypto years – back in 2011. The link provided by Vitalik Buterin takes readers to a brief description of the game. In the ever-evolving landscape of crypto and blockchain technology, there are few names that stand out as prominently as Vitalik Buterin. As the co-founder of Ethereum, Buterin has been instrumental in shaping the future of decentralized applications and smart contracts.  However, it is not just his contributions to the world of finance that have garnered attention; Buterin’s foray into the realm of games has been making waves in the crypto community, captivating audiences, and setting new standards for innovation. Vitalik Buterin introduces a game he built in 2011 Vitalik Buterin, co-founder of Ethereum, has introduced his followers to a “real-time strategic game” dubbed Slasha. Buterin on Tuesday referred to it as a “totally random fun thing” and encouraged his followers to try it. Source; Slasha Game Vitalik Buterin provided a brief description…

    Article 2023年5月26日

  • HSBC’s quantum-safe network shakes up UK banking

    TL;DR Breakdown HSBC is initiating trials of quantum encryption technology, potentially revolutionizing banking security. Quantum “metro” network developed by Toshiba and BT, secures transactions using quantum cryptography. Quantum key distribution (QKD) allows secure data transfer; any interception becomes instantly detectable. Description From the misty avenues of London, a remarkable technological evolution is taking shape in the world of finance. As the city’s double-decker buses and black cabs proceed with their routine buzz, an extraordinary narrative unfolds at the headquarters of HSBC. This tale is one of financial institutions stepping into the quantum era, spearheaded by HSBC’s … Read more From the misty avenues of London, a remarkable technological evolution is taking shape in the world of finance. As the city’s double-decker buses and black cabs proceed with their routine buzz, an extraordinary narrative unfolds at the headquarters of HSBC. This tale is one of financial institutions stepping into the quantum era, spearheaded by HSBC’s ambitious trials of quantum encryption technology, a venture that could reshape the future of banking. Embracing quantum encryption In a ground-breaking initiative, HSBC is setting the…

    Article 2023年7月7日
TOP