Digital asset exchange Bitfinex has added a new feature that allows users to maintain their exposure to an asset while adding liquidity to their portfolio.
The “Increase Position” feature complements the existing Position Claim which permits users to settle a leveraged position using funds in their margin wallet.
“Increase Position is the perfect feature for sophisticated traders that want to maximise their portfolio management strategies,” said Paolo Ardoino, CTO at Bitfinex. “Increase Position enables users to enter or extend margin positions and obtain access to a variety of borrowing options.”
The new feature is also an underlying feature used by Bitfinex Borrow, a peer-to-peer lending platform that launched in September.
Welcome back 1B spot volume@bitfinex pic.twitter.com/5QIiUK0WEB
— Paolo Ardoino (@paoloardoino) November 24, 2020
It is also essentially a transfer between wallets / positions, which means it reduces the chance of operational errors and the accumulation of trading fees.
Bitfinex’s decision to launch the new feature comes during a time when interest in cryptocurrency is reaching new highs with Bitcoin trading narrowly below its all-time high of $20,000.
Commenting on the market conditions on Tuesday, Ardoino added: “As volumes on Bitfinex exceed $1 billion, the rally in cryptocurrencies appears poised to continue. Bitcoin’s path towards acceptance as an established asset class is gathering momentum.”
For more news, guides and cryptocurrency analysis, click here.
Leave a Reply