As an analyst with over two decades of experience in the financial industry, I find Infinex’s ambitious plans to list the top 500 crypto assets and release version 2 (v2) of its platform by early 2025 quite intriguing. With my background in traditional finance, I can appreciate the scale at which Infinex is aiming. It reminds me of a time when online brokerages started offering mutual funds to their clients, revolutionizing the way people invested.
Fintech company Infinex, specializing in decentralized finance (DeFi), has disclosed its intentions to add the leading 500 cryptocurrencies to their platform and unveil a revised version of their system around early 2025.
At a recent gathering in Bangkok, Thailand called the Redacted conference hosted by Near, Kain Warwick – founder of Infinex – shared with CryptoMoon editor Andrew Fenton their upcoming plans for the DeFi platform. This includes listing the top 500 digital currencies and announcing version 2 (v2) of the platform.
At the moment, Infinex offers a range of 100 different digital assets, which encompasses Solana Program Library (SPL) tokens, non-fungible tokens (NFTs), and ERC-20 tokens.
Warwick mentioned a plan under consideration that aims to increase token coverage by fivefold. The goal is to incorporate the leading 500 assets on platforms such as CoinGecko and CoinMarketCap. This expansion would encompass tokens originating from networks like Solana, Ethereum, and Ethereum’s layer-2 solutions.
“We’ve got a proposal in governance right now which will unlock the top 500-ish assets on CoinGecko and CoinMarketCap, which will mean anything that’s on Solana, Ethereum or one of the Ethereum L2s will be supported.”
On the other hand, Warwick pointed out that traditional blockchains such as Bitcoin and Litecoin might require additional time before they can be integrated.
Infinex v2 coming early in 2025
Apart from discussing their intentions to introduce additional tokens, the executive additionally shared details with CryptoMoon regarding their forthcoming v2 launch and the enhancements it would bring.
Warwick suggests that version two will enhance the speed of integration within the platform, as he finds the current process too sluggish due to the need for on-chain coding. In his own words, Warwick refers to this as being “slow.
“The way that we improve that is we give you the Vault, which is the ultra-secure place for you to put your funds, but we also give you a hot wallet that can interact with contracts.”
Although Warwick mentioned that they have a hot wallet, he clarified that the funds won’t be kept long-term in it. Instead, they will temporarily reside there. He further explained that the assets will primarily be stored securely in their vault. However, when users decide to sell or list their assets, they will be transferred from the vault to the hot wallet.
He noted that the new setup will enable Infinex to integrate with NFT platforms like OpenSea and Blur in two to three weeks, compared to the two to three months it currently takes.
Warwick mentioned that we require a solution which can handle larger volumes easily. To achieve this, our upcoming version 2 architecture will offer numerous integration options at a faster pace, enabling us to work with greater agility,” is one possible way of paraphrasing the original statement.
When queried regarding the launch timeline for version 2, the executive chose not to provide a particular date but hinted to CryptoMoon that it would become available within the first part of the upcoming year.
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2024-11-11 13:22