On August 9th, 2018, MATRIX AI Network was officially listed on both Bitfinex and Ethfinex exchanges. The Bitfinex listing is particularly noteworthy as Bitfinex — a digital asset trading platform founded in 2012 and one of the top exchanges in the world — has been a top priority of MATRIX management and strategic investors.
The listing follows a period of heightened engagement with the blockchain community, both in international markets and within China. In late July, MATRIX Chief AI Scientist, Dr. Steven Deng was interviewed by many leading mainstream outlets in China; Matrix CTO and Chief Network Architect, Dr. Bill Li, spoke at the National Standards Formulation Conference for IT, Blockchain and Distributed Ledger Technology in Kunming, China; while MATRIX CEO Mr. Owen Tao and MATRIX Chief Chip Scientist Dr. Tim Shi visited Istanbul, Turkey.
According to Mr. Simon Han, MATRIX AI Network Senior Business Manager, being listed on Bitfinex signifies that “the community is recognizing MATRIX as a strong, comprehensive, global blockchain project.”
It is difficult to overstate the importance of being listed on large exchanges for a project like MATRIX. No matter the technical prowess of the team or the potential of the project, being embraced by the community remains paramount to success. Blockchain projects simply don’t survive without community support. Mr. Han continues: “History is littered with projects that failed due to a lack of liquidity, popular exchange listings and community backing.”
As such, time should be taken to look at important milestones through the eyes of the community. Just how will MATRIX’s Bitfinex listing benefit the community that made the listing possible?
The MATRIX AI Network community grows stronger and more and more people join. Reducing obstacles and challenges is of the utmost importance to increase adoption. Major exchanges like Bitfinex play vital roles as they enable direct interaction with the community. Traders are likely to spend more time on exchanges with multiple cryptocurrencies as people typically view between 4 and 15 coins per visit. As such, by reducing barriers to entry and providing a degree of industry approval, being listed on exchanges with multiple cryptocurrencies can lead to new levels of adoption and market impact.
Support for fiat currencies is also an important feature of top exchanges. Without fiat currency support, traders are forced to buy BTC or ETH from other “gateway” exchanges. These can then be transferred to other exchanges; incurring wasteful fees along the way. Luckily, Bitfinex is offering fiat pairings — including a USD/MAN pairing — as well as direct fiat currency withdrawals, to avoid this issue.
Bitfinex has a slew of tools available to cater to experienced traders. According to a recent Encrybit survey, Bitfinex has the best UI among exchanges for on-the-spot technical analysis and algorithmic trading options. Besides basics like a candlestick chart, there are also features such as Fibonacci tools, trend-lines and trend indicators available. With margin trading, short-selling and other available order types including fill or kill, iceberg, OCO, stop orders, trailing stop and post only orders; there is no shortage of tools available to engage in sophisticated trading.
The MATRIX AI Network Bitfinex and Ethfinex listings are a victory of both the MATRIX project and of MATRIX’s passionate community. MATRIX certainly would not have made it this far without community support. Community support will certainly also determine the future of MATRIX AI Network.
Mr. Han concludes: “The Bitfinex listing adds to a growing foundation of confidence for future investors and partners to join the MATRIX ecosystem. Together, we will reach our ultimate goal of becoming the world’s best public blockchain.”