Ethfinex Reveal Further Details on Closure

Last month, Ethinex revealed that they would be shutting up shop in their existing format and rebranding as DeversiFi. While the transition period is ongoing, they have detailed some important information about the final closure of their existing operational format.

The first point of note in regards to this is the fact that a date has been officially decided on for their closure, with Ethinex officially ceasing operations on October 12th. With slightly over a month left before the platform, which has been in providing exchange services for 2 years, shuts its doors, the clock is ticking for their traders to get accustomed to the new look DeversiFi platform that has already made steps to launch in its stead.

However, the first thing to note in regard to this is that the process won’t be too strenuous, for two reasons. First, DiversiFi is super easy to navigate and use, so even if you were a complete beginner you should have no problem getting to grips with its accessibility. And second, Ethfinex has provided users with everything they need to know about the transition from platform to platform.

The Role of Squarelink

Likely in anticipation of the switch over, Ethfinex announced last week that they will be incorporating the software wallet known as Squarelink into their service on DeversiFi.  

There are four main purposes that Squarelink aims serve; to enhance usability smooth experience on the platform, allowing in-app crypto purchases from fiat debit cards, allowing users to access all their dApps via one account through by operating in one-for-all cross-platform wallet which, and security which awards complete control over your account and easy account recovery.

While all this is great, Squarelink as a service plays a pivotal role for users during this transition period. Together they have formed a “unique micro-site” which has been put in place in order for users to migrate their token balances from Ethfinex to Deribit seamlessly. Ethfinex has outlined a three-step process or users to follow:

1. Head to https://get-started.deversifi.com/ for easy instructions on setting up a Squarelink wallet
2. Once set-up, log in to your Ethfinex account and begin the withdrawal process for your token balances sending them to your new wallet address
3. Finally, simply connected your wallet to DeversiFi and begin trading!

This should ensure that the process can be completed with optimal ease.

Don’t want to move just yet?

 While early transition via Squarelink is the recommended approach, users don’t need to make the transition just yet. The platform has understood that for whatever users may be hoping to keep their funds on Ethfinex for the time being, which is fine.

The platform has stated that those traders wish to do can, in fact, keep them there up until the closure of Ethfinex. After it has closed, traders will then need to log in with the same credentials on their sister site Bitfinex, where they can see and access their funds.

While this should make the move smooth, traders can also get in touch with the Ethfinex customer support for more assistance if required.