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Bitfinex Transfers Tether (USDT) Stablecoin Worth $1.5M to Liquid Bitcoin Sidechain from Omni

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The giant Bitfinex exchange platform has transferred 1.561 million of USDT from the layer above Bitcoin to the Bitcoin sidechain. The CTO for Bitfinex, Paolo Arduino announced about the same on Nov. 2. The news was unveiled on Twitter by the Bitfinex CTO.

The transfer now boosts the amount of USDT on the platform. That is following the addition of the stablecoin on the Bitcoin sidechain towards the end of July. The CTO expressed concerns that the move would be of many benefits to the protocol. He noted, “Liquid sidechain has now more liquidity for atomic swaps and cross-exchange arbitrage.”

Sidechain in Intense Evolution

Liquid developer Blockstream in July came up with a new feature that enables users to carry out atomic swaps that will include all assets that are in the Liquid platform. The sidechain added private transactions that were aimed at enhancing user security in June 2015. Only the amounts of BTC sent were seen by the participants of the deal or any specified parties.

Adam Back, Blockstream CEO, said that Bitcoin users on the platform could now make use of the Lightning Platform whenever they wanted to send digital currencies to Liquid sidechain. The process had now been made more accessible and much more efficient. According to an interview that was done recently, the CEO was very confident of a bright future for the Bitcoin sidechains.

He said that the sidechains would decrease dependence on altcoins because they will incorporate the altcoin tools into the Bitcoin network.

Tether to Expand its Territories

Initially, Tether was launched to carry out its activities on the Bitcoin protocol, Omni layer. Tether claimed that operating on this platform gives the coin the stability that Bitcoin has.

Tether has adjoined several other transport protocols since it was designed in 2014. Tether is also found on the Ethereum platform, which makes it able to operate in apps and smart contracts.

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