The Giottus AMA: Our Bitfinex Agreement, Explained
At Giottus, we recently announced that we will provide access to liquidity on Bitfinex, providing our customers with some of the deepest crypto-to-crypto liquidity in the industry. Bitfinex is, of course, one of the leading cryptocurrency exchanges globally, founded in 2012. They have always been at the forefront of technological innovation in digital asset trading. Through a strategic agreement with Bitfinex, we have also strengthened our compliance policies and procedures. Giottus customers can now enjoy high liquidity across BTC/USDT, ETH/USDT, XRP/USDT, TRX/USDT, ETH/BTC and many more pairs.
In a recent interview on YouTube, our co-founders Vikram Subburaj and Arjun Vijay did an AMA session, talking about their new integration and many other things. Let us take a look at a few of those questions, and how they tackled them!
What is the strategic agreement with Bitfinex about?
Our customers who have been trading with Giottus would have enjoyed really good liquidity in the INR pairs. When they wanted to trade in crypto-crypto pairs, however, they preferred to move to international exchanges. Now that we have integrated Bitfinex liquidity into Giottus, our customers can perform all their trades in INR and crypto pairs within Giottus platform. They don’t have to transfer their coins outside. This presents huge savings in crypto transfer costs along with ease of trade on a single platform.
What is Giottus offering specially as part of this integration?
The biggest saving the customer can take away is that the crypto-crypto trading fee at Giottus can be as low as zero. The maker fee for such trades is 0% while the taker fee is 0.075%. These are the lowest across the industry today. Such fees are traditionally given to users who trade US$3+ Bn a month globally. However, Giottus users get to enjoy them irrespective of their trade volume.
Almost all other indian exchanges have liquidity from other global exchanges officially or unofficially. What took so long for Giottus to bring in liquidity from an international exchange?
Bitfinex integration falls inline with our philosophy of giving the best service to our customers. Integrating any other crypto exchange wouldn’t be as tedious as this. We had to undergo a full review of our compliance systems for Bitfinex. Both systems and processes have to be top-notch and should be as per international standards. For an Indian exchange to go through such a huge exercise is what makes Giottus-Bitfinex integration special. While other exchanges just integrated the easier crypto exchange, we took time to integrate with the best one out there.
What else has changed?
Generally, international exchanges are unable to offer a localized customer service. Through this integration, Giottus becomes the single point of correspondence between our customers and Bitfinex. We are here to support our customers with any queries they may have. Giottus also offers multilingual customer support for its users which is unique in this ecosystem.
What additional compliance an end user needs to fulfill before moving money/assets across both the platforms?
There is no change from the end customer’s perspective. The customer will continue to have the assets as part of Giottus platform itself.