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Bitfinex and Eosfinex swapped $5 million USDT onto EOS blockchain
October 07  |  2 min read

Bitfinex and Eosfinex Chainswap $5M Worth USDT

The COIN360 Editorial Team

Bitfinex and its decentralized trading platform Eosfinex have announced the successful completion of a “chainswap” – the conversion of USDT worth $5 million onto the EOSIO blockchain protocol – “to provide the EOS DApp ecosystem with a stable and liquid store of value to reduce the risks pertaining to digital assets' volatility,” reads the press release.

Bitfinex CTO Paolo Ardoino added that previously EOS was missing “a stablecoin that could help... projects manage exposure to price volatility”:

“Promising projects aren’t getting the light of day with current congestion and volatility issues on other chains, and that is why there’s higher DApp usage on EOS.”

According to the press release, EOSIO’s peer-to-peer micropayment infrastructure currently powers 49% of the top 100 decentralized applications (DApps) and the next step is “to bring block irreversibility times down to 3 seconds” and launch Eosfinex on the mainnet.

As COIN360 previously reported, Bitfinex recently gained a partial win in court and relaunched its token sale platform, formerly known as Tokinex. The platform now bears the name of “Bitfinex Token Sales” (BTS). Starting November 6, BTS will be offering the first token, namely Liquid sidechain-based (KIM).