Tether EOS blockchain release announced! Bitfinex’s CTO, Paolo Ardoino, spoke to CCN and announced that the stablecoin is launching on the EOS blockchain protocol to support eosfinex.
Tether had previously announced that they would also release on the TRON blockchain network last month.
Ardoino stated that one of the key motives behind USDT’s decision to push for Tether on the EOS blockchain is to supplement and bolster EOSFinex. In February, Kasper Rasmussen, the Head of Marketing at Bitfinex, announced the launch of a decentralized crypto asset exchange build on the EOS protocol – EOSFinex.
With any decentralized exchange, it’s incredibly difficult to process fiat transactions or crypto-to-fiat pairs – this is due to the lack of a centralized authority that oversees the platform, like Binance.
Ardoino told CCN:
“One of the main reasons is that we need it for eosfinex. Since it is a on chain exchange we need Tether EOS to offer EOS/USDT and crypto-to-stablecoin pairs on it. EOSFinex is one of the most awaited projects in the EOS community but we thought it would be good to start giving everyone the ability to build on Tether-EOS even before EOSFinex launch.”
Currently, Tether operates on the following blockchains – Omni, Ethereum, and TRON. Long term cross-chain support is critical for the long-term survival and success of USDT. Future plans include launching Tether on the Lightning Network by the end of 2019.
Bitfinex recently raised $1billion dollars for LEO, a utility token created by the company to cover the $900 million in reported losses it suffered with its business dealings with Crypto Capital Corp.
Looks like Bitfinex just raised $1 billion https://t.co/aZyqEcvs7K
— Barry Silbert (@barrysilbert) May 13, 2019
Aside from the impressive fund raising, Ardoino stated that the swift completion of the 1 billion dollars raised shows confidence by investors in the company’s operations.
EOS also had a good past week – Coinbase recently announced that they were listing EOS on their platforms, including Coinbase Android and Coinbase iOS. Year to date, EOS has increased 188% against the USD – Bitcoin’s strong recovery from $4,000 to $9,000 has helped too.
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