ROAD TOWN, British Virgin Islands, August 19, 2020 9:00AM UTC — OMG Network, a trustless, non-custodial, Layer-2 scaling solution for transferring value on Ethereum, is delighted to announce that users will be able to withdraw and deposit Tether (USDt) to Bitfinex via its value transfer layer, helping reduce Ethereum congestion and gas fees with improved transaction speeds.
The Bitfinex integration with OMG Network allows traders to move, deposit, and withdraw USDt orders of magnitude faster and at a much lower cost than the Ethereum Network.
"At Bitfinex we are committed to driving innovation and improvements to our service to better support our customers,” said Paolo Ardoino, CTO at Tether. “By migrating USDt value transfers to the OMG Network we save costs, drive performance improvements and relieve pressure on the root chain network. This is good for Bitfinex and our customers, and the whole Ethereum ecosystem."
“By processing USDt transactions on the OMG Network, users benefit from transaction validation times as low as a few seconds and transaction fees of a few cents -- all at the same level of resilience as the Ethereum Network,” stated Vansa Chatikavanij, CEO at OMG Network. “We aim to solve the problem of Ethereum congestion and high gas fees by integrating with exchanges, wallets, custodians and dApps. We believe the migration of USDt to the OMG Network will significantly reduce the monthly costs associated with using Ethereum, empowering growing ventures and boosting innovation in the blockchain space.”
USDt is the world’s largest stablecoin and is issued on a variety of public blockchains including Algorand, Ethereum, EOS, Liquid, Omni and Tron. USDt is one of the most transacted assets and commands a high portion of transaction fees on the Ethereum network. According to Ethereum Gas Station, USDt gas fees amounted to US$6.39 million over the past 30 days.
Bitfinex users can log in to their Bitfinex account to learn how to make USDt deposits and withdrawals on the OMG Network.
If you represent an exchange, wallet, custodian, or Dapp that supports USDt — and other ERC20 tokens (including Ether) — and are interested in adding OMG Network support for your customers, contact us at email@example.com.
About OMG Network
Established in 2017 under the brand name OmiseGO, the rebranded OMG Network is a subsidiary of SYNQA. Our mission is to enable open financial services that are fast, cheap, and secure. The OMG Network is the quickest and most affordable way to transfer ETH and ERC20 tokens globally and without restrictions. Visit OMG.network for more information.
Tether is the preeminent stablecoin with the biggest market capitalization, surpassing that of all rival offerings combined. Created in October 2014, Tether has grown to become the most traded cryptocurrency. Tether is disrupting the legacy financial system by offering a more modern approach to money. By introducing fiat currency-digital cash to the bitcoin, Ethereum, EOS, Liquid Network, Omni, Tron and Algorand blockchains, Tether makes a significant contribution to a more connected ecosystem. Tether combines digital currency benefits, such as instant global transactions, with traditional currency benefits, such as price stability. With a commitment to transparency and compliance, Tether is a fast and low-cost way to transact with money.