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An Open Letter From Bitfinex


An Open Letter From Bitfinex

As one of many world’s oldest and best-known digital asset buying and selling platforms, Bitfinex isn’t any stranger to bear markets. Even for us, although, 2022 will go down as an unusually dramatic yr. 

A month after the demise of FTX, now appears an acceptable second to mirror on the place we stand as an business, a number of the classes from the previous yr and, most significantly, the course we see ourselves headed. 

An annus horribilis

The collapse of FTX, the meltdown earlier within the yr of Terra Luna and corporations like Three Arrows Capital, in addition to quite a few main hacks of Decentralised Finance platforms, have led to billions in buyer losses, shaking confidence in digital belongings and blockchain know-how. In addition to considerably eroding belief, it’s not shocking that current occasions have prompted many to query whether or not our business has any future in any respect.

As an organization that’s lived, advanced and grown stronger by means of a number of downturns available in the market, we consider the longer term for our business is brighter now than ever. Certainly, the a number of crises we’ve got seen this yr will in hindsight mark an inflection level separating the strongest corporations that carry actual worth to their clients and people that don’t.

There’s no query that the previous yr has uncovered irresponsible, unethical and, in some instances, outright felony behaviour that deserves to be condemned within the harshest phrases. It will be incorrect, nonetheless, to let the reckless acts of some relative latecomers outline the crypto business and detract from the large, revolutionary advantages provided by blockchain know-how and, particularly, Bitcoin. 

In any case, all through every part that’s occurred over the previous yr, Bitcoin – the world’s oldest, largest and most trusted digital asset – has remained past reproach. Its core worth proposition as a device of particular person freedom and monetary inclusion stays the identical because it was when it was first  unveiled nearly 15 years in the past. The world over, Bitcoin adoption continues to develop, underpinned largely by the fast evolution of the Lightning Community, which has considerably enhanced Bitcoin’s capacity to scale. As a long-time Lightning supporter, we stay continually amazed on the tempo of its improvement and excited for its potential to rework lives, not least for billions worldwide who for years have been uncared for by conventional finance.

Values that outline you

Bitfinex isn’t any stranger to adversity. It’s our relentless give attention to profitable the belief of our clients, nonetheless, that’s ensured our longevity. Since we had been established in 2012, we’ve got seen many crypto winters and plenty of crises – method earlier than FTX, Luna and 3AC emerged on the scene. However we and others with related tenure in our business have weathered these storms.

It’s because at Bitfinex, we’ve got remained true to the values of transparency, accountability and honesty that embody Bitcoin. It’s due to Bitcoin that we began our enterprise, and it’s Bitcoin, with its capacity to supply an economical answer to the unbanked, that gives belief and transparency that’s unquestionable and incorruptible. 

Earlier this yr we unveiled our Freedom Manifesto to specific our values and our objective, that are very a lot an extension of the Bitcoin ethos. On the coronary heart of our manifesto is our conviction that Bitcoin, along with decentralised peer-to-peer know-how equivalent to our not too long ago launched encrypted video conferencing app,  Keet, can carry freedom and privateness to individuals worldwide.

In our business, Bitfinex is likely one of the oldest corporations, and one of many largest by change traded quantity – however we’re additionally one of many smallest by headcount, and we’ve got a really sturdy tradition underpinned by our values. At our core, we’re white hat hackers who need to construct unbeatable and indestructible software program that may carry profit to individuals.  We merely need to harness the know-how that Bitcoin represents and use it to carry extra alternative for people to transact and work together freely, wherever they’re and with whoever they need.

2022 shall be seen as a watershed yr

Whereas 2022 shouldn’t be a yr that anybody will look again on with relish, it has been helpful in performing as a litmus take a look at to separate these tasks that add worth, and those who fall wildly far off the mark. 

Many are actually calling for extra acceptable regulation. Bitfinex is dedicated to working to additional the event of the digital asset business in a accountable method and we welcome regulation that helps a versatile, risk-based method to client safety. Crucially nonetheless, regulation shouldn’t stifle innovation and ingenuity. It is necessary that every one events take a measured and balanced method to keep away from extreme regulatory generalisation, and recognise that the remoted actions of unhealthy actors shouldn’t overshadow all the great work that’s being accomplished by teams like Bitfinex. Innovation is the hallmark of the business and it ought to be nurtured and inspired in order that extra worth will be dropped at communities world wide from Bitcoin and blockchain applied sciences. Carried out proper, regulation can shield the pursuits of consumers, whereas permitting the business to thrive.

In order we sit up for 2023, we hope for a yr of larger innovation, extra transparency, freedom for everybody not served by conventional applied sciences and monetary methods, and an finish to practices which have tarnished our business and obscured the promise that it holds.

About Bitfinex

Based in 2012, Bitfinex is a digital token buying and selling platform providing state-of-the-art companies for merchants and international liquidity suppliers. Along with a collection of superior buying and selling options and charting instruments, Bitfinex offers entry to peer-to-peer financing, an OTC market and margin buying and selling for a wide array of digital tokens. Bitfinex’s technique focuses on offering unparalleled assist, instruments, and innovation for knowledgeable merchants and liquidity suppliers world wide. Go to www.bitfinex.com to be taught extra.

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