Where is Bitfinex? The question had long been nagging Cas Piancey (pronounced “Caspian Sea”), an online persona who tweets relentlessly about the crypto exchange. He became so obsessed with the company’s opaque business model that he flew a cameraman buddy from Los Angeles to Hong Kong two years ago to uncover the mystery of the location.
He thought Bitfinex should have an office somewhere.
“No one knows where they are, whether they have a real office, how to contact executives, or how to solve a serious problem,” he said. Decrypt when asked what inspired him to travel all the way.
The people behind the major cryptocurrency exchange are also issuing a popular stablecoin, Tether, under a separate company. Both companies are is being investigated by the Attorney General of New York for alleged fraud of $ 850 million.
The Bitfinex website provides little information about where to stay. Piancey (not his real name, ob.) Was convinced that the company should be in Hong Kong, especially since the company said for years in every press release that it was based there.
Armed with three addresses he dug up online – representing Bitfinex, Tether and parent company iFinex – Piancey decided to find out. He and his friend spent approximately $ 1,500 on the trip each.
What did they find?
Bupkis, nothing – the pair went to three office locations listed as headquarters, but found none of the offices seemed to belong to iFinex, Bitfinex or Tether.
Piancey, who called the experience ‘disappointing but not surprising’, submitted a story about his fruitless stay Decrypt. We told him to contact Bitfinex for an explanation. His colleague Bennett Tomlin (the two are working together on a book) wrote to Bitfinex. The company sent an answer that was almost cryptic.
“Below is a recent press release highlighting Bitfinex’s decentralized structure,” wrote Joe Morgan, senior PR manager at Bitfinex, in an email Tomlin shared with us. A press release stuck in the body about how the company had been decentralized in light of COVID-19 – even though Piancey went to Hong Kong long before the pandemic.
Bitfinex “has advocated that companies adopt a decentralized model that promotes remote work as a means of adapting to the challenges of the corona virus,” the press release said.
Even more puzzling, it went into detail about how the new business model has contributed to a “more diverse workforce, including working mothers and people with disabilities”. And how the model enabled flexibility with childcare.
“We are resilient in these very challenging times,” said Claudia Lagorio, Bitfinex COO, in the release. “From a personal point of view, it is a blessing to be able to offer our customers business as usual in a safe environment.”
When Tomlin wrote back to point out that his original request for comment related to a situation almost two years ago, Bitfinex did not respond.
Here is the press release:
Being true to the ideals of decentralization can help companies fight Coronavirus, Bitfinex says
ROAD TOWN, British Virgin Islands, March 18, 2020 – Bitfinex, A state-of-the-art digital asset trading platform, has advocated that companies adopt a decentralized model that promotes remote working as a means of adapting to the challenges of the corona virus.
The blockchain space has a reputation for being at the forefront of new technologies. The sector is also innovative in developing new business models that are inclusive and contribute to a more diverse workforce, including working mothers and people with disabilities. Bitfinex’s decentralized business model – designed to serve a global pool of customers in different time zones – has shown optimal business performance amid recent market turmoil. This is partly due to a decentralized work structure.
With Bitfinex’s business model, specialized service providers around the world can use their talents. The exchange uses an expert workforce that has the skills, experience and capacity to work productively in remote environments. While the pandemic has caused serious disruptions to companies around the world, it has had a minimal impact on Bitfinex’s ability to serve its customers.
As a multilingual team in various areas, including technology, finance and law, Bitfinex has promoted an “anti-fragile” culture in which individuals are offered flexible working hours to meet business demands. Bitfinex’s culture encourages remote collaboration, with various workplace communication applications to ensure that contractors keep in regular contact. Meanwhile, customer service representatives in many different time zones can ensure the consistent delivery of an optimal customer service experience.
“We are resilient in these very challenging times,” said Claudia Lagorio, COO at Bitfinex. “As we are already set up and trained to work remotely, our staff productivity has not been affected by COVID-19. From a personal point of view it is a blessing to be able to offer our customers business as usual in a safe environment. It helps to maintain a sense of normality in this uncertain and volatile environment we have never experienced before. ”
Lagorio added that working remotely has the added benefits of enabling individuals to enjoy a better work-life balance. For example, working mothers can continue their careers while performing childcare tasks and removing barriers for people with disabilities. In addition, the opportunity to work for an innovative global technology company is no longer limited to those who live in the major business centers of developed economies.
“At Bitfinex, we work in a multicultural environment that fosters the exchange of knowledge and personal development, making it a great experience for everyone,” said Lagorio. “Thanks to technology, we have all the tools to work and collaborate in real time without sacrificing quality, safety and security. Staff attend periodic team building events where we meet and collaborate in person and socialize together. This helps build long-term relationships and makes daily work and interaction much smoother and more meaningful. ”
Bitfinex is cementing its reputation as the most reliable, high-quality trading platform in the cryptocurrency space and has provided impeccable service to its clients in recent weeks, who have seen cryptocurrency prices drop. Notably, the trading volumes of bitcoin and other cryptocurrencies on Bitfinex exceeded $ 2 billion during a 24-hour period where bitcoin price fell by 50 percent.
Founded in 2012, Bitfinex is a digital asset trading platform that provides state-of-the-art services for digital token traders and global liquidity providers. In addition to a range of advanced trading features and charting tools, Bitfinex provides access to peer-to-peer financing, an OTC market and funded trading for a wide selection of digital assets. Bitfinex’s strategy is focused on providing unparalleled support, tools and innovation for experienced traders and liquidity providers around the world. Visit www.bitfinex.com learn more.