The world’s biggest Bitcoin exchange is using a secret exchange algorithm to keep the price of a digital currency volatile and to facilitate a fast and smooth trading of Bitcoin.
The company, Bitfinex, which has been around for more than three years, announced the move Tuesday, saying it will begin to accept Bitcoins as of March 5.
It’s a significant change for the company, which had been using a proprietary algorithm that only allowed it to trade in dollars, yen and bitcoin in order to keep Bitcoin prices stable and to allow Bitfinexs trading partner Bitstamp to take advantage of the fast, low fees.
The move comes as a number of major Bitcoin exchanges are starting to adopt the Bitcoin Cash (BCH) cryptocurrency.
The announcement comes less than a month after Bitfinexes announced it would begin accepting Bitcoins as soon as March 5, a move that came after the exchange lost more than $100 million in market value and was forced to shutter its trading platform.
The exchange is a subsidiary of the Japanese firm Softbank Group Corp., which has said it wants to move toward Bitcoin and other cryptocurrencies.
“This new process of Bitcoin trading will allow Bitstamps users to trade BTC directly with our partners without having to enter their Bitcoin addresses,” a statement said.
“In addition, our exchange partners will be able to send you bitcoin payments on BitfineXs platform.”
In a statement on its website, the company said the Bitcoin-focused exchange will use a custom algorithm that it says allows it to “faster, lower transaction fees, and maintain a more stable market.”
“Bitfinex will now be able accept Bitcoin as a currency in the futures market,” it said.
Bitsfinex’s announcement comes at a time when other Bitcoin exchanges, including Coinbase, have also begun accepting Bitcoin.
Bitcoin’s price has risen more than 50 percent since January.
It also comes amid an effort by some prominent Bitcoin businesses and institutions to create a new, decentralized currency that is based on blockchain technology, which is a digital ledger that is kept online by a decentralized network of computers around the world.
The technology, called blockchain, could enable cryptocurrencies to be used for everything from payments to remittances.
Bitcoin is not the only digital currency to be on the upswing.
In early February, the Winklevoss Bitcoin Trust, which tracks the price and value of the digital asset, added more than 10,000 new bitcoins to its exchange.
The rise of the virtual currency has attracted attention from regulators and other tech experts.
It has attracted a huge amount of attention, with a lot of people and companies using it to buy and sell goods and services, as well as conduct online transactions.
The government has warned against using Bitcoin to buy illegal drugs and is pushing for it to be banned as a virtual currency.
But a number more traditional digital currencies are starting the process of accepting Bitcoin, and there are even a few Bitcoin companies that are trading Bitcoin at more than 20 percent premium.