DigiFinex is a Singapore-based cryptocurrency exchange that offers trading services for multiple blockchain-based assets. These include, among dozens of cryptocurrencies and digital assets, BTC, ETH, LTC, EOS, and DFT (the DigiFinex native token) in over 100 trading pairs.
DigiFinex has been in the market for less than two years but has already managed to become one of the most promising cryptocurrency exchanges in the world, with a recent 24-hour volume of over $1.5 billion according to CoinMarketCap.
A service specifically designed for the Asian market
The company DigiFinex Ltd put Singapore on the cryptocurrency map when it decided to establish its headquarters on the island – even though the exchange is still registered in the Seychelles.
It wasn’t a random decision though. Not only does Singapore rank as the best country in Asia to do business, but it also has a growing economy and blockchain-friendly policy.
Singapore is, without doubt, Asia’s cryptocurrency capital. The authorities are knowledgable and ready to capitalise on blockchain technology at a time when Hong Kong and China are clamping down on cryptocurrency exchanges.
DigiFinex mainly targets the Asian market. This explains why the website’s layout is built in Chinese and available mostly in Asian languages. The site also has two Western versions: English and Portuguese.
One of the most active global cryptocurrency exchanges
The platform’s strongest point, according to developers, is the high level of security and safety that DigiFinex provides. Service accuracy is reached through three tools – a scalable HDM wallet, intelligent services solutions, and real-time records.
HDM wallet technology combines a unique cold wallet and a multi-layer hot wallet. The security of the device is ensured by the fact that it enables multiple signatures for a collection address. This is, at the same time, a safer way to expand the wallet depending on the user’s needs.
According to DigiFinex developers, the platform also enables real-time accounting and transaction processing. This means that every time a user performs a transaction, the data is instantly available. This is possible thanks to a mechanism which allows the exchange to carry out continued backups and perform constant updates for the cache.
Despite starting from scratch in 2017, DigiFinex has seen exceptional progress and registered massive trading volumes. At its first anniversary in 2018, the platform already had over 1 million users from almost 100 countries, more than 300,000 active traders, and a little more than half a million app downloads.
Currently, DigiFinex is the fourth-largest global cryptocurrency exchange by adjusted volume and seventh-largest by reported volume, according to CoinMarketCap.
The BTI list of shame
Not everyone in the cryptocurrency ecosystem agrees with these numbers, however.
The Blockchain Transparency Institute (BTI) revealed in 2018 that most cryptocurrency exchanges use fake trading volumes to impress users and boost their relevance artificially.
According to the BTI’s report, the real trading volume of DigiFinex barely reaches 1% of the reported volume. This was before the Bitwise report came out with damning data concluding that 95% of cryptocurrency trading volume was fake.
DigiFinex, like other exchanges, counts on high liquidity to gain trust. In 2018, the platform launched DFT, an ERC-20 Ethereum-based token with total liquidity of 130 million DFT. However, it doesn’t seem enough for the Western markets to make DigiFinex their first choice for trading digital assets.
The DigiFinex trading fee model is similar to that of Binance. The fee is 0.2% for both makers and takers. The rewards depend on the monthly total trading volume and DFT holdings.
Besides competitive fees and promo events that have the potential to attract users even from outside the Asian market, the company claims to be one of the safest exchanges in the cryptocurrency ecosystem.
DigiFinex was started by technical and financial teams with professional backgrounds in tech giants like Baidu, Tencent, and Xunlei. With a solid experience in blockchain technology, the founders insist on investing in continued cybersecurity to gain user trust.
Co-founder Kiana Shek stated:
“We provide our customers with a ‘fair and transparent’ trading environment, strictly monitoring and tracking the status of listed projects in real time. At the same time, our strict take-down mechanism prohibits project parties and any individuals or institutions from controlling the ecological balance of the global digital asset market.”
The platform has fairly low transaction limits that grow as users verify their identities. This means that the exchange keeps any over-the-limit funds until the user provides the requested documentation.
Assuming that DigiFinex’s volume is accurate, it’s safe to assume that most of it comes from the Asian markets. Japan seems to be the start-up’s best performing market at the moment.
But even with low adoption from Western markets and the usual limitations that don’t allow US-based traders to create accounts, DigiFinex is climbing fast and helping to place Singapore firmly on the cryptocurrency map.
The post How DigiFinex is putting Singapore on the cryptocurrency map appeared first on Coin Rivet.