Bitfinex integrates Tether transactions on the OMG network

On June 1, 2020, it was announced that all of Tether’s Bitfinex exchange transfers would migrate to the OMG network so that it could deal with Etherium scalability issues.

According to the official announcement, the transfer of the ERC-20 version of Tether (USDT) to Bitfinex will take place through the infrastructure of the second layer of Ethereum – Plasma.

The OMG network, the platform for Plasma-based transactions, is a partner in this integration. Bitfinex deposits and withdrawals will be supported by OMG Network. 

Plasma is one of the solutions for the scalability of Ethereum. With this approach, many Ethereum transactions (of Ether and ERC tokens) can be processed in one block, which reduces fees and confirmation time.

Bitfinex CTO – Paolo Arduino – said this integration is key for users of the platform. 

“[Integration] allows traders to respond more quickly to trading opportunities and to arbitrage more efficiently as the network grows.” 

OMG Network is part of OmiseGo, a veteran of Etherium-based financial services, which was launched in 2017. Today, they announced that after three years of hard work, Beta Mainnet has already launched.

According to the announcement, this decision reduced transaction fees by approximately 66%.