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

  • Yuri Molchan
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    The final stage of data migration to separate servers will make Bitfinex and its new exchange get off the air for half a day


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.

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.

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 goes for innovations

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.

Cover image via u.today
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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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