Bitfinex and Ethfinex to Go Offline on January 7 to Finish Data Migration

On Monday, January 7, 2019, Ethfinex and Bitfinex crypto exchanges will be unavailable on the Internet while the corporate company iFinex finishes the last stage of migrating data and placing it on dedicated bare-metal servers.

On Monday 7th January 2019, Bitfinex will be offline between three to seven hours as we complete the final stage of our data migration to dedicated bare-metal servers, in a move designed to significantly enhance platform speed, security and performance.https://t.co/uzeW1rSUZl

— Bitfinex (@bitfinex) December 29, 2018

As was stated earlier by the company, iFinex, with assistance from Market Synergy, is getting off AWS cloud and is transferring its data to an infrastructure of its own design, located in the Swiss Crypto Valley in Zug.

As of January 7th, iFinex will start using dedicated servers without having to share them with anyone. Besides, it is going to add advanced hardware to ensure quality high volume trading.

To do that, iFinex will have to take both of its crypto exchanges offline, so customers should be prepared for a break and the inability to access their crypto accounts.

The company promises that no pending orders will be executed during this ‘time off’ and that all funds will be safe.

The platforms also warn that the price of assets might change over this period, so orders may be liquidated when everything is back online. Traders are recommended to take the appropriate actions to prevent that.

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iFinex strives to advance and introduce innovations to attract new customers and retain its current ones. As per the company reps, the new servers will allow them to introduce higher speed of transactions, due to the new hardware they plan to introduce. The expected increase of the speed is 2x. The ambition is to make the two exchanges the fastest-performing in the world.

Higher level of security is expected to be achieved, since now all customer data will be stored on private servers, not on publicly shared cloud ones.