Collaboration between Bitfinex and Synonym: Lightning Network

Bitfinex, a digital asset trading platform, has partnered with Synonym to introduce a feature that simplifies and accelerates Lightning Network transactions. This collaboration aims to improve the customer experience by eliminating the complexities associated with creating Lightning channels for instant deposits, withdrawals and payments.

The new Lightning Channel feature, powered by Blocktank, a subsidiary of Tether Holdings Limited’s Synonym, offers Bitfinex customers an easy way to connect with the Blocktank node within the platform.

Paolo Ardoino, Chief Technology Officer of Bitfinex

Paolo Ardoino, Chief Technology Officer of Bitfinex, Source: LinkedIn

Previously, users had to go through a complicated process that involved withdrawing balances on their nodes, navigating complex parameters, selecting peers, and manually opening channels. Alternatively, they had to explore external Lightning service providers or liquidity markets to purchase channels, introducing additional steps and potential challenges.

Bitfinex, which already operates some of the largest Lightning nodes, now allows users to easily access substantial receive capacity without the hassle of traditional procedures. Handling over 12,000 transactions per month and maintaining an average liquidity of nearly 800 BTC, Bitfinex’s Lightning Network integration has positioned it as a leader in the realm of digital asset trading.

Paolo Ardoino, Chief Technology Officer of Bitfinex, expressed the platform’s commitment to ensuring financial freedom, stating: “By collaborating with Synonym, we are paving the way for a new era of rapid transactions, strengthening Bitfinex’s role as a pioneer in the of digital asset trading”. .” The transformation capabilities of the Lightning Network, facilitating lightning-fast transactions and significantly reducing costs, make it an attractive solution for businesses and individuals.

Exciting news! You can now get Lightning channels from @blocktank in your @bitfinex account.

We’ve joined forces to provide you with another way to access the Lightning Network sovereignly.

Read on to learn more about our latest integration: pic.twitter.com/MAIhvG8xS0

— Synonym (@Synonym_to) January 16, 2024

Easy to use transactions with integrated Blocktank services

Synonym’s Blocktank, which functions as a Lightning service provider, connects customers to the Lightning network. Integrated with the Bitkit wallet and now seamlessly integrated with Bitfinex, it provides a user-friendly experience for setting up Lightning channels, enabling instant, borderless payments without the need for third-party custodians.

John Carvalho, CEO of Synonym, expressed excitement about Bitfinex’s innovation, saying: “By simplifying access to an economy where money moves at the speed of light, we give individuals the ability to experience financial freedom on their terms.”

The Lightning Network, Bitcoin’s primary scaling solution, functions as a second-layer protocol designed to establish payment channels between any two parties. Despite the cryptocurrency market’s inherent volatility, the Lightning Network has significantly enhanced Bitcoin’s ability to facilitate quick, sizable, and cheap payments.

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