On Monday, the British Virgin Islands-based cryptocurrency exchange Bitfinex launched its next-generation social trading platform, Bitfinex Pulse. It is a combination of trading and social networking platforms as it allows the traders to interact with each other, see each other’s trading history, publish blog posts and make small posts called pulses, similar to tweets on Twitter. Users can like pulses and also share pulses both within the platform as well as on other social media platforms including Facebook, Twitter, etc. Along with providing the users with the trading insights, the platform provided them a virtual space to publish and discuss trading ideas with other traders.
While announcing the launching of Bitfinex Pulse, on Twitter, on April 27 the company’s post read: “Distinguish yourself, join the trading community of the future and never miss that life-changing market insight again.”
The exchange’s chief technical officer, Paolo Ardoino, said in a statement that he believes the network “will become a valuable information source” as it continues to grow.
“[…] We have launched Bitfinex Pulse in response to the demand of our users for a professional content distribution platform for traders,” he said. “Building on the success of the public leaderboard — which has already created crypto icons on Twitter.”
Mr. Ardoino said that the key goal of Pulse was to build a virtual space for professional Crypto traders where they can share real-time information with the Bitfinex community, in order to provide the users with a trading edge.
Pulse has an interesting feature called leaderboard, which displays the results of top-performing traders, ranked on the basis of their realized/unrealized profits or trading volume. The leaderboard also supports integration with Twitter accounts.
Earlier this month, the Bitfinex exchange also launched a Staking program, providing an opportunity to its clients to earn up to 10% annual interest depending on the digital currencies which they hold. So far the exchange offers to stake in three cryptocurrencies – Cosmos (Atom), V.Systems (VSYS), and EOS – though Tezos is believed to become part of the list on May 11. The ones who owned V.Systems tokens would earn the maximum annual interest ranging from 8% to 10%, while for Atom and EOS, the annual reward rates would vary from 1.5% to 3% and 0% to 3%, respectively. Tezos holders would get between 3 to 5% in interest annually. The exchange platform also planned on including Algorand (ALGO) and Tron (TRX) for staking services in the future.