Major cryptocurrency exchange Bitfinex has recently announced that it will shortly go offline next week.
According to its Medium post, the exchange will spend seven hours to upgrade the system on June 26 and therefore, users will not be able to access its platform. Furthermore, Bitfinex also mentions that at the same time, Bitfinex’s hybrid counterpart Ethfinex will also close for maintenance.
Bitfinex maintenance is similar to the downtime of Binance. During Binance’s system upgrade in May this year, it was not possible for users to deposit, withdraw, and trade on the exchange. The upgrade has run from six to eight hours.
Talking about the upgrade, Bitfinex said that it is meant “to enhance the stability and scalability of the iFinex matching engine.” Bitfinex users, during the upgrade, will not be able to view, trade or access their crypto wallets on the exchange.
However, Bitfinex stated that their funds will be completely safe. Therefore, traders are not required to take any action. During the downtime, no orders will be executed and users will not be liquidated.
Last but not least, the firm said that the upgrade will be postponed if the market movements are too volatile.
Earlier, Zhao Dong, the Singapore DFund founder and also a Chinese OTC trader who owns Bitfinex shares, has reportedly announced that Bitfinex has successfully sealed $1 billion in soft and hard commitments for its exchange token offering.