Bitfinex, the 11th largest cryptocurrency exchange by daily trading volume, will remove dozens of cryptocurrency trading pairs later this week.
The cryptocurrency exchange noted that the delisting of the trading pairs is a common measure that is expected to improve liquidity on Bitfinex platform and lead to a “more streamlined and optimized trading experience for our users.”
The majority of trading pairs that are planned to be removed on Friday include a wide list of altcoins trading against Ether (ETH), the second-biggest cryptocurrency by market cap. That list includes about 30 trading pairs including altcoins like OKEx token (OKB), Verge (XVG) and Nucleus Vision (NCASH).
Another 16 trading pairs include altcoins trading against Bitcoin (BTC), including pairs like Hydro Protocol (HOT)/BTC and Medicalchain (MTN)/BTC. Other trading pairs include two altcoins traded against Dai (DAI): OmiseGO (OMG)/DAI, 0x (ZRX) /DAI, and one trading pair with Japanese Yen, XVG/JPY.
Bitfinex recommended users to cancel any open orders with the above trading pairs before March 6 10:00 AM UTC, noting that all remaining open orders will be automatically canceled by the system.
According to data on cryptocurrency tracking service CoinGecko, Bitfinex currently supports about 350 trading pairs on its platform. As of press time, Bitfinex’s daily trading volume accounts for about $118 million, according to data from Coin360.
Cointelegraph reached out to Bitfinex for additional comments but did not receive an immediate response. This story will be updated should they respond.
As reported by Cointelegraph, liquidity in cryptocurrency refers to the level of ease with which a crypto asset can be exchanged for cash without affecting the price of that asset. Delisting is a common measure for increasing liquidity for cryptocurrency exchanges. Back in 2019, Binance delisted about 30 trading pairs in a move to improve liquidity and user trading experience, noting that the choice of the trading pairs was as “requested by most project teams.”
Joseph Spezzano received a Masters Degree in computer science from The University of Massachusetts. Joseph has been working as a full-time blockchain programmer for the past 5 years. In his spare time, Joseph enjoys writing for CryptocurrencyInvestments.com and traveling.