- The decision to part ways with Bitfinex followed a “management buyout.”
- DeversiFi will still function as a decentralized peer-to-peer exchange.
Bitfinex Ethereum-focused Ethfinex exchange has rebranded to DeversiFi. The change comes after the sister exchange parted ways with the parent company Bitfinex. In spite of the rebranding, the core business of the exchange remains unchanged. DeversiFi will still function as a decentralized peer-to-peer exchange. Decentralized exchanges allow users to take control of their assets by trading directly between private wallets.
According to the CEO Will Harbone of DeversiFi, the decision to rebrand and part ways with Bitfinex followed a “management buyout.” The move was agreed upon by the eight-member team of the newly rebranded platform. All the members were working under Ethfinex and Bitfinex.
While speaking to The Block, Harbone said:
“This is more than a rebrand; this is about needing more space to grow,” the CEO added “I wouldn’t call it a coup d’é·tat. We’ve done this with Bitfinex’s blessing.”
Ethfinex was launched mid-last year to function as a decentralized exchanged concentrating on the many ERC-20 tokens. In addition to that, Ethfinex had recently launched “trustless” over-the-counter (OTC) services to cater for large volume ERC-20 tokens orders. The new company, DeversiFi is to be registered in the British Virgin Islands and will take over all cash assets accrued by Ethfinex in revenue.