On August 13, Ethfinex announced on its blog that it would reboot as a separate entity called "DeversiFi" and abandon Bitfinex as a major shareholder.
Rebranding of Ethfinex Exchange
The rebranding coincides with the ongoing controversy at Bitfinex, which is currently under close scrutiny by the New York Attorney General's office due to an $850 million fraud investigation.
Interesting in the section: Bitfinex: description of the exchange site
Launched in mid-2018, Ethfinex expects to become "much more competitive" by launching a brand-new exchange for calculation of funds between the DeversiFi institutional traders.
"It's more than rebranding. It's about needing more room for growth," as DeversiFi CEO Will Harborn told The Block. He added that he hoped to attract traders through a regulated, low-commission product.
Ethfinex has rebranded and changed its management structure. Let us remind you that Bitfinex suspended its work on August 1 and launched an update that promises to increase the stability and scalability of the system.
Editor: Yulia Krasnaya