Bitfinex Crypto Exchange Moves $1.5M of Stablecoin to Bitcoin Sidechain
Adrian Zmudzinski's original article for cointelegraph.com reduced by 58%
Cryptocurrency exchange Bitfinex moved 1?.561 million Tether from the Omni Protocol to the Liquid Bitcoin sidechain. Bitfinex CTO Paolo Ardoino announced the U.S. dollar-pegged stablecoin's protocol swap on Twitter on Nov.
2.The conversion increases the quantity of USDT available on the network after the stablecoin was first launched on the Liquid sidechain at the end of July. "Liquid sidechain has now more liquidity for atomic swaps and cross-exchange arbitrage." A sidechain in rapid developmentIn July, Liquid developer Blockstream launched a new tool that allows users to execute atomic swaps for all assets supported by the Liquid network. This summer, Blockstream CEO Adam Back announced that Bitcoin users could use the Lightning Network while sending coins on the Liquid sidechain.
In a recent interview, Back was optimistic about the future of Bitcoin sidechains. Tether expands from the Omni protocolTether was originally developed to operate on the Omni layer of the Bitcoin protocol.
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Summarised crypto news.