Bitcoin’s Liquid Sidechain Makes a Splash on Bitfinex
Embattled Bitfinex has announced the integration of Blockstream’s Bitcoin sidechain, the Liquid Network. The upgrade is already seeing users impressed with faster and more private transactions.
Bitcoin Liquid Integrated At Bitfinex
The Liquid Network is an inter-exchange settlement network which links together cryptocurrency exchanges and institutions in order to enable quicker Bitcoin transactions, as well as the issuance of digital assets.
According to the official announcement, the integration will allow for tighter exchange spreads, faster trading, as well as improved confidentiality.
Speaking on the matter was Paolo Ardoino, CTO at Bitfinex, who outlined:
Issuing Bitcoin, stablecoins, and various other digital assets under one blockchain platform makes a lot of sense. […] It reduces the integration burden for an exchange like ourselves, and traders can manage all their assets from a single wallet application. We’re excited to be active on the Liquid Network, and we’re looking forward to watching it develop.
Results Are Already Showing
The integration of Liquid is already proving to be worthwhile, according to derivatives trader Federico (@Federico_Xmas), who noted:
Just tried transferring BTC from TheRockTrading to Bitfinex using Blockstream Liquid, the transaction was executed and confirmed in less than 5 minutes, and best of all the amount is confidential to outside observers. Congrats to both exchanges and all other people involved.
Just tried transferring BTC from @TheRockTrading to @bitfinex using @Blockstream Liquid, the transaction was executed and confirmed in less than 5 minutes, and best of all the amount is confidential to outside observers. Congrats to both exchanges and all other people involved <img src="https://s.w.org/images/core/emoji/11.2.0/72×72/1f44f.png" alt="