Bitfinex launches the first L2 bridge from CeFi to DeFi

The bridge will facilitate ERC-20 token transactions between centralized and decentralized exchanges.

Bitfinex launches the first L2 bridge from CeFi to DeFi

Crypto change Bitfinex has at present introduced a market-debut service to bridge its centralized platform with the layer-2 decentralized buying and selling platform and subsidiary DeversiFi. 

The bridge will present customers entry to the permissionless and privacy-centric experiences of DeFi, together with the highly-liquid, accessible options of CeFi. A launch from the firm famous that transactions will probably be initially unique to Tether (USDT) — a stablecoin affiliated with the change — however might ultimately open-up to varied ERC-20 tokens in future.

Ethereum-based DeversiFi is a buying and selling platform constructed upon StarkWare’s scalable expertise. Two months in the past, they launched the first layer-2 bridge between Ethereum and Polygon Network.

Related: Ethereum-based DeFi platform DeversiFi raises $5M in strategic investments

Will Harborne, CEO and Co-Founder of DeversiFi, stated: “Layer-2 is the way forward for blockchain. Whether it is the Lightning Network for Bitcoin or roll-ups corresponding to DeversiFi for Ethereum, cryptocurrencies and DeFi are lastly on the verge of changing into accessible to everybody.

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