With the FTX collapse, the confidence of blockchain industry workers in a bear market has crashed dramatically. No matter how devastating it is, history moves on and takes us forward. In the circle of bullish and bearish markets, there are platforms that fail and new ones that grow against the current situation and become the new industry leaders. Bitfye.com was built at this very moment.
Grow in winter, march in the storm
Bitfye is a cryptocurrency derivatives exchange. Although it has been launched recently, its core Matching Engine system has been developed for nearly a year before its launch. With the core team members, senior executives, from well-known cryptocurrency exchanges (MEXC/Huobi/Bitget), Bitfye is backed by Spark Capital, Parallel Ventures, and other leading VCs from the blockchain industry.
Bran, CEO of Bitfye (former Vice President at MEXC and former COO of Bitget), is a believer and evangelist in the blockchain industry, and when asked about the impact of the FTX event, he mentioned, “I did not lose faith in this industry, and the ones who stay after these affairs are the true believers and builders. We are willing to carry the responsibility to move forward. In the next six months, I believe you will witness gradually the revolutionary innovation and the ultimate trading and service experience that Bitfye brings to this industry, and we would like to encourage you to keep an eye on it.¨
The Third Generation of Matching Engine
According to the official website, Bitfye’s Third-generation high-performance Matching Engine, which can support over 2 million matches per second, is at the top of the industry. As the exchange core technology, a high-performance Matching Engine implies a high-quality trading experience. Especially when market conditions fluctuate radically, the performance of the matching engine determines the stability of the trading market and the price advantage over others, deducing the risk of liquidation.
Bitfye has launched a variety of cryptocurrency perpetual contracts such as BTC, ETH, XRP and LTC, with a maximum leverage of 100 X, and users can freely choose between cross and isolated margin modes. To meet the needs of users to open and close positions quickly, Bitfye supports both Market orders and Flash close to ensure that users can close their positions when the market is volatile. In addition, the stop-loss and take-profit function, which is of great concern to users, has also been launched which allows users to take profit or stop-loss before or after opening a position. The stop-loss and take-profit feature frees users from staring at the screen all the time and automatically triggers a trade when a preset price is reached.
In terms of asset security, Bitfye has always adhered to the 100% reserve ratio to ensure that users’ assets can be permanently and rigidly redeemed. At the same time, the assets are managed separately in hot and cold wallets with multiple signatures to avoid hacking or the risk of funds from a single node.
Each customer is VIP in Bitfye
Bitfye supports 7×24 multilingual customer service, users can ask any questions through online or community customer service, ensuring that users enjoy the highest level of customer service in the industry, in addition to their trading experience.
Bran regularly reminds the team. “Each user is a VIP, and hopefully we can engrave that in our minds and hearts and make it part of the team culture”
With its good trading experience and customer service, Bitfye now has a group of loyal users in Asian countries, including Japan, Vietnam, India, Indonesia, and South Korea, and is continuously upgrading its products based on user feedback. We believe that in the future, Bitfye will stand out from the rest of the exchanges and become the new industry leader.