20 Dec An Open Letter From Bitfinex
As one of many world’s oldest and best-known digital asset buying and selling platforms, Bitfinex is not any stranger to bear markets. Even for us, although, 2022 will go down as an unusually dramatic yr.
A month after the demise of FTX, now appears an acceptable second to mirror on the place we stand as an business, a number of the classes from the previous yr and, most significantly, the route we see ourselves headed.
An annus horribilis
The collapse of FTX, the meltdown earlier within the yr of Terra Luna and corporations like Three Arrows Capital, in addition to quite a few main hacks of Decentralised Finance platforms, have led to billions in buyer losses, shaking confidence in digital property and blockchain know-how. In addition to considerably eroding belief, it’s not stunning that current occasions have prompted many to query whether or not our business has any future in any respect.
As an organization that’s lived, developed and grown stronger by way of a number of downturns out there, we imagine the longer term for our business is brighter now than ever. Certainly, the a number of crises we now have seen this yr will in hindsight mark an inflection level separating the strongest firms that convey actual worth to their prospects and people that don’t.
There’s no query that the previous yr has uncovered irresponsible, unethical and, in some circumstances, outright prison behaviour that deserves to be condemned within the harshest phrases. It could be incorrect, nonetheless, to let the reckless acts of some relative latecomers outline the crypto business and detract from the big, revolutionary advantages provided by blockchain know-how and, particularly, Bitcoin.
In any case, all through all the things that’s occurred over the previous yr, Bitcoin – the world’s oldest, largest and most trusted digital asset – has remained past reproach. Its core worth proposition as a device of particular person freedom and monetary inclusion stays the identical because it was when it was first unveiled nearly 15 years in the past. The world over, Bitcoin adoption continues to develop, underpinned largely by the speedy evolution of the Lightning Community, which has considerably enhanced Bitcoin’s potential to scale. As a long-time Lightning supporter, we stay always amazed on the tempo of its growth and excited for its potential to remodel lives, not least for billions worldwide who for years have been uncared for by conventional finance.
Values that outline you
Bitfinex is not any stranger to adversity. It’s our relentless give attention to successful the belief of our prospects, nonetheless, that’s ensured our longevity. Since we had been established in 2012, we now have seen many crypto winters and lots of crises – manner earlier than FTX, Luna and 3AC emerged on the scene. However we and others with comparable tenure in our business have weathered these storms.
It is because at Bitfinex, we now have remained true to the values of transparency, accountability and honesty that embody Bitcoin. It’s due to Bitcoin that we began our enterprise, and it’s Bitcoin, with its potential to supply an economical resolution to the unbanked, that gives belief and transparency that’s unquestionable and incorruptible.
Earlier this yr we unveiled our Freedom Manifesto to specific our values and our objective, that are very a lot an extension of the Bitcoin ethos. On the coronary heart of our manifesto is our conviction that Bitcoin, along with decentralised peer-to-peer know-how akin to our lately launched encrypted video conferencing app, Keet, can convey freedom and privateness to folks worldwide.
In our business, Bitfinex is likely one of the oldest firms, and one of many largest by trade traded quantity – however we’re additionally one of many smallest by headcount, and we now have a really robust tradition underpinned by our values. At our core, we’re white hat hackers who need to construct unbeatable and indestructible software program that may convey profit to folks. We merely need to harness the know-how that Bitcoin represents and use it to convey extra alternative for people to transact and work together freely, wherever they’re and with whoever they want.
2022 might be seen as a watershed yr
Whereas 2022 shouldn’t be a yr that anybody will look again on with relish, it has been helpful in appearing as a litmus take a look at to separate these tasks that add worth, and those who fall wildly far off the mark.
Many are actually calling for extra acceptable regulation. Bitfinex is dedicated to working to additional the event of the digital asset business in a accountable manner and we welcome regulation that helps a versatile, risk-based method to shopper safety. Crucially nonetheless, regulation shouldn’t stifle innovation and ingenuity. It can be crucial that every one events take a measured and balanced method to keep away from extreme regulatory generalisation, and recognise that the remoted actions of unhealthy actors shouldn’t overshadow all the nice work that’s being finished by teams like Bitfinex. Innovation is the hallmark of the business and it needs to be nurtured and inspired in order that extra worth may be delivered to communities around the globe from Bitcoin and blockchain applied sciences. Finished proper, regulation can defend the pursuits of shoppers, whereas permitting the business to thrive.
In order we look ahead to 2023, we hope for a yr of better innovation, extra transparency, freedom for everybody not served by conventional applied sciences and monetary techniques, and an finish to practices which have tarnished our business and obscured the promise that it holds.
About Bitfinex
Based in 2012, Bitfinex is a digital token buying and selling platform providing state-of-the-art providers for merchants and international liquidity suppliers. Along with a set of superior buying and selling options and charting instruments, Bitfinex offers entry to peer-to-peer financing, an OTC market and margin buying and selling for a big selection of digital tokens. Bitfinex’s technique focuses on offering unparalleled assist, instruments, and innovation for knowledgeable merchants and liquidity suppliers around the globe. Go to www.bitfinex.com to be taught extra.