Bitfinex Seeks to Create A New Crypto Exchange Based on EOS Midst Increasing Trading Volume
- Eosfinex is expected to be released to the market on July 25
- The cryptocurrency market continues to expand with Bitcoin surpassing $13,700
On June 26, Coinbase was down for a short period of time, which coincided with Bitcoin’s (BTC) price falling from $13,700 to $10,700 in just a few hours. Thus, Coinbase showed once again the viability and quality of the services that crypto platforms are offering for traders and investors. There are also many other exchanges that could also experience an increase in trading volume that would affect them in a negative way.
Bitfinex Announces Launch Date of Eosfinex
Bitifnex, one of the most popular exchanges around the world, announced the launch date of Eosfinex. This is going to be an on-chain decentralized exchange based on the EOS platform. At the moment, the beta period of the exchange came to an end after a bug bounty and different scalability and performance test. This is why the exchange is expected to be launching the Eosfinex platform on July 25 this year.
According to an official blog post written by Kasper Rasmussen, Marketing at Bitfinex, users will see trading on the platform evolve beyond a simulated paper-trading environment into a comprehensive, full-featured on-chain trading platform.
The beta of the Eosfinex exchange was unveiled back on March 28 and the intention was to create an on-chain and scalable exchange built on top of EOS, one of the most popular blockchain networks in the market.
About it, Mr. Rasmussen explained:
“We have designed eosfinex to act as a platform for innovation and growth within the EOS ecosystem, and we are eager to integrate our efforts into the existing community. A massive thank you goes out to all beta testers, supporters and followers for their encouragement and constant backing throughout the past few months.”
He has also mentioned that there are going to be a number of additional updates throughout the next few weeks as the exchange transitions away from the beta mode.
— Paolo Ardoino (@paoloardoino) June 27, 2019
It is worth mentioning that Bitfinex has also launched its new exchange utility token called LEO. This token follows a dual-protocol approach with Ethereum (ETH) and EOS. That means that it is possible to perform on-chain exchanges of LEO on bot the EOS or Ethereum networks.
At the time of writing this article, LEO is the 13th largest cryptocurrency in the market with a valuation of $1.77 billion and a price per coin of $1.78. It is worth mentioning that the exchange has also been involved in different controversies regarding the way in which it handled Tether (USDT) funds.
Tether is the most popular stablecoin in the world that allows users to exchange it for Bitcoin or other digital assets knowing that its price will remain stable and backed by fiat currencies.