RATE Group | Bitfinex Crypto Exchange Moves $1.5M of Stablecoin to Bitcoin Sidechain
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Bitfinex Crypto Exchange Moves $1.5M of Stablecoin to Bitcoin Sidechain

03 Nov Bitfinex Crypto Exchange Moves $1.5M of Stablecoin to Bitcoin Sidechain

Posted at 20:37h in Bitcoin News by

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Cryptocurrency exchange Bitfinex moved 1 .561 million Tether (USDT) from the Omni Protocol to the Liquid Bitcoin (BTC) sidechain.

Bitfinex CTO Paolo Ardoino announced the U.S. dollar-pegged stablecoin’s protocol swap on Twitter on Nov. 2.

The conversion increases the quantity of USDT available on the network after the stablecoin was first launched on the Liquid sidechain at the end of July. Ardoino said that the development will have a beneficial effect on the protocol:

“Liquid sidechain has now more liquidity for atomic swaps and cross-exchange arbitrage.”

A sidechain in rapid development

In July, Liquid developer Blockstream launched a new tool that allows users to execute atomic swaps for all assets supported by the Liquid network. In June 2015, Liquid added confidential transactions designed to improve Bitcoin’s user security by keeping sent amounts visible only to participants in the transaction, or other specified parties.

This summer, Blockstream CEO Adam Back announced…

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