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Bitfinex Initiated $1.5Mln Tether Omni Protocol-Liquid BTC sidechain Swap

By Chris Torres | November 5, 2019

Crypto exchange firm Bitfinex has reportedly transferred its Tether funds (around 1 .561 million) from the Omni Protocol to its liquid Bitcoin (BTC) sidechain.

Paolo Ardoino – Technical Chief at Bitfinex – took to Twitter to disclose the protocol change initiative on November 2. 

The swap from the old protocol to the new one is expected to amp up the USDT sum eligible for trading on the platform, following the introduction of the stablecoin on the Liquid sidechain back in July this year. 

“Liquid sidechain has now more liquidity for atomic swaps and cross-exchange arbitrage.” Ardoino believed the changes would create a positive future impact on the protocol.

The sidechain feature is experiencing some noticeable growth. In July 2019, Liquid developer Blockstream has rolled out a new project, which would facilitate atomic swaps for every Liquid network-supported assets.

In June 2015, Liquid has put into use confidential transactions, specifically developed to enhance the security feature for Bitcoin owner, via exclusively showing detailed data of the transfer to particularly listed parties. 

In summer this year, Blockstream CEO Adam Back revealed that the Lightning Network will be made available for any individual looking to conduct crypto-related transactions on the Liquid sidechain.

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