Bitfinex and Synonym’s Collaboration: 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 enhance
customer experience by eliminating the complexities associated with
establishing Lightning channels for instant deposits, withdrawals, and payments.

The new Lightning Channel
feature, powered by Blocktank—a Synonym subsidiary under Tether Holdings
Limited—offers Bitfinex customers a seamless way to connect with the Blocktank
node within the platform.

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

Previously, users faced a
cumbersome process involving withdrawing balances to their nodes, navigating
intricate metrics, selecting peers, and manually opening channels.
Alternatively, they had to explore external Lightning Service Providers or
liquidity marketplaces to purchase channels, introducing additional steps and
potential challenges.

Bitfinex, already operating some
of the largest Lightning nodes, now enables users to effortlessly access
substantial receiving 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 frontrunner in the realm of digital asset trading.

Paolo Ardoino, Chief Technology
Officer of Bitfinex, expressed the platform’s commitment to delivering
financial freedom, stating: “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.” The
Lightning Network’s transformative capabilities, facilitating lightning-fast
transactions and significantly reducing costs, make it an attractive solution
for businesses and individuals.

User-Friendly Transactions with
Integrated Blocktank Services

Synonym’s Blocktank, functioning
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
and borderless payments without the need for third-party custodians.

John Carvalho, Chief Executive
Officer of Synonym, expressed excitement about Bitfinex’s innovation, stating:
“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, Bitcoin’s
primary scaling solution, operates as a second-layer protocol designed to
establish payment channels between any two parties. Despite the inherent
volatility of the cryptocurrency
market, the Lightning Network has significantly improved Bitcoin’s capacity to
facilitate swift, sizable, and cost-effective payments.

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 enhance
customer experience by eliminating the complexities associated with
establishing Lightning channels for instant deposits, withdrawals, and payments.

The new Lightning Channel
feature, powered by Blocktank—a Synonym subsidiary under Tether Holdings
Limited—offers Bitfinex customers a seamless way to connect with the Blocktank
node within the platform.

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

Previously, users faced a
cumbersome process involving withdrawing balances to their nodes, navigating
intricate metrics, selecting peers, and manually opening channels.
Alternatively, they had to explore external Lightning Service Providers or
liquidity marketplaces to purchase channels, introducing additional steps and
potential challenges.

Bitfinex, already operating some
of the largest Lightning nodes, now enables users to effortlessly access
substantial receiving 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 frontrunner in the realm of digital asset trading.

Paolo Ardoino, Chief Technology
Officer of Bitfinex, expressed the platform’s commitment to delivering
financial freedom, stating: “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.” The
Lightning Network’s transformative capabilities, facilitating lightning-fast
transactions and significantly reducing costs, make it an attractive solution
for businesses and individuals.

User-Friendly Transactions with
Integrated Blocktank Services

Synonym’s Blocktank, functioning
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
and borderless payments without the need for third-party custodians.

John Carvalho, Chief Executive
Officer of Synonym, expressed excitement about Bitfinex’s innovation, stating:
“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, Bitcoin’s
primary scaling solution, operates as a second-layer protocol designed to
establish payment channels between any two parties. Despite the inherent
volatility of the cryptocurrency
market, the Lightning Network has significantly improved Bitcoin’s capacity to
facilitate swift, sizable, and cost-effective payments.



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