16 Jan Bitfinex Collaborates with Synonym to Connect More Customers to the Lightning Network
in Media Releases
ROAD TOWN, British Virgin Islands – Jan 16, 2024 – Bitfinex, the leading digital asset trading platform, has collaborated with Synonym to introduce a feature that allows customers to buy Lightning Network connections for instant deposit, withdrawals, and payments. The Lightning Channel feature is provided by Blocktank, which is operated by Synonym, a subsidiary of Tether Holdings Limited.
Bitfinex customers using Lightning nodes can now easily connect with the Blocktank node within Bitfinex. In the past, they had to follow a cumbersome process: first withdrawing their Bitfinex balance to their node, navigating complex metrics, selecting a peer, and then manually opening a channel. Alternatively, they had to search for external Lightning Service Providers or listings on liquidity marketplaces and buy channels from them using their wallet. Now, they can seamlessly access substantial receiving capacity without these extra hassles.
Bitfinex operates some of the largest Lightning nodes, handling over 12,000 transactions per month and maintains an average liquidity of almost 800 $BTC. The Lightning Network, enabling lightning-fast transactions and substantially reducing costs, provides a transformative payment solution for both businesses and individuals.
“As one of the first exchanges to have integrated the Lightning Network, the addition of this new feature is further testament to Bitfinex’s continuous commitment to providing the tools that deliver financial freedom. This allows payments to be made anywhere and at any time at very low cost,” stated Paolo Ardoino, Chief Technology Officer of Bitfinex. “By giving customers access to a quick and easy payment, deposit, and withdrawal process, we’ve not only amplified the capabilities of the Lightning Network but also enhanced accessibility and convenience within the Bitfinex ecosystem. By collaborating with Synonym, we are pioneering a new era of lightning-based transactions, reinforcing Bitfinex’s role as a trailblazer in the digital asset trading landscape.”
Synonym’s Blocktank is a Lightning Service Provider (LSP) that connects customers to the Lightning Network. Integrated with the Bitkit wallet and now with Bitfinex, it provides a streamlined experience for setting up Lightning channels, enabling instant and borderless payments without the need for third-party custodians.
“We are excited to see Bitfinex innovating for their customers by making it easier than ever to use the Lightning Network,” stated John Carvalho, Chief Executive Officer of Synonym. “By streamlining access to an economy where money moves at the speed of light, we are empowering individuals to experience financial freedom on their terms.”
The Lightning Network serves as Bitcoin’s primary scaling solution. This second-layer protocol is specifically crafted to enable users to establish payment channels between any two parties on this additional layer. In doing so, it reinstates Bitcoin to one of its fundamental purposes as a peer-to-peer payment network. Despite the inherent volatility of the cryptocurrency market, the Bitcoin Lightning Network has improved Bitcoin’s capacity to facilitate swift, sizable, and cost-effective payments.
About Bitfinex
Founded in 2012, Bitfinex is a digital token trading platform offering state-of-the-art services for traders and global liquidity providers. In addition to a suite of advanced trading features and charting tools, Bitfinex provides access to peer-to-peer financing, an OTC market and margin trading for a wide selection of digital tokens. Bitfinex’s strategy focuses on providing unparalleled support, tools, and innovation for experienced traders and liquidity providers around the world. Visit www.bitfinex.com to learn more.
About Synonym
Founded in 2020, Synonym is leading the way for a Bitcoin-centric economy by designing and developing an ecosystem of products and protocols that includes Bitkit, Blocktank, and Slashtags. Committed to the principles of digital autonomy, privacy, and open-source technology, Synonym empowers individuals to take control and ownership of their digital lives. Learn more at www.synonym.to.
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