Bitfinex Partners with Synonym
Bitfinex, a leading cryptocurrency exchange, has joined forces with Synonym to introduce a new feature that allows customers to purchase Lightning Network connections for instant deposits, withdrawals, and payments. The Lightning Channel feature is accessible through Blocktank, a platform operated by Synonym, which is a subsidiary of Tether Holdings Limited.
Streamlining the Process
In the past, Bitfinex customers had to go through a complex process to connect their Lightning nodes. This involved withdrawing their balance to their node, navigating intricate metrics, selecting a peer, and manually opening a channel. Alternatively, they had to search for external Lightning Service Providers or listings on liquidity marketplaces to purchase channels. However, the collaboration with Synonym eliminates these difficulties and provides users with easy access to substantial receiving capacity.
Bitfinex’s Role in Lightning Network
Bitfinex has been at the forefront of integrating the Lightning Network since 2019. With over 12,000 transactions processed and significant liquidity, Bitfinex operates some of the most significant Lightning nodes. The exchange also introduced LN deposits to its mobile app a few months after integrating the scaling solution. Paolo Ardoino, Chief Technology Officer of Bitfinex, emphasized that this collaboration with Synonym marks a new era of lightning-based transactions and enhances convenience within the Bitfinex ecosystem.
Thwarting an Attack
The announcement of the partnership with Synonym comes just after Bitfinex successfully defended against an attack. An attacker attempted a Partial Payments Exploit but failed due to Bitfinex’s correct configuration of their software. This attack could have had severe consequences for Ripple and XRP if successful.
Hot Take: Bitfinex Revolutionizes Lightning-Based Transactions
Bitfinex’s collaboration with Synonym to introduce Lightning Network connections marks a significant milestone in the world of cryptocurrency transactions. By streamlining the process and providing easy access to substantial receiving capacity, Bitfinex is leading the way in enhancing convenience and accessibility within the crypto ecosystem. The successful defense against a recent attack further solidifies Bitfinex’s position as a trailblazer in the digital asset trading landscape. With these advancements, Bitfinex is revolutionizing lightning-based transactions and reaffirming its commitment to innovation in the crypto industry.
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