According to Bitfinex CTO Paolo Ardoino, leading stablecoin Tether will be launching on the EOS blockchain protocol.
EOS is the latest blockchain on which Tether will be released, as in April, Tether effectuated a launch on the TRON blockchain network.
Tether’s Release on EOS
The team behind Tether decided to go through with a release on EOS mainly because it would supplement eosfinex, according to information provided by Ardoino.
The marketing head at Bitfinex, Kasper Rasmussen, announced in February the release of eosfinex, a decentralized cryptocurrency exchange which runs on top of the EOS blockchain.
Like all decentralized exchanges, eosfinex is not able to facilitate fiat transactions or crypto-to-fiat conversions as there is no centralized authority to manage the platform.
Ardoino has stated in regard to the launch on EOS:
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.
Tether is currently operational on the Omni, Ethereum, and TRON blockchains. Ardoino has mentioned that support over a multitude of chains is vital in the long-term success of the stablecoin.
He went on to say:
“Also Tether is currently on Omni, Ethereum, Tron and I have been quite vocal in the past about the importance of opening to multiple chains. We can’t hide behind the fact that communities are split among multiple projects, so I believe is our duty to serve the blockchains that have the most active communities and clearly that can meet our security standards in terms of issuance. I’m working with Blockstream to launch Tether on Liquid and as Bitfinex we are collaborating with the RGB protocol community to bring assets to LN (and so I hope that Tether will launch on LN by end of 2019).”
Earlier this month, Bitfinex raised $1 billion in its LEO token sale to cover the losses sustained by the Crypto Capital ordeal. Ardoino has stated that the rapid conclusion of the private sale indicates that investors still believe in the Bitfinex exchange and its operations:
“Why? Because they know we are trustworthy, they recognize what we have been doing (without needing us bragging about it publicly) and they want us to keep fighting for the industry whole. Their own words. Thank you everyone for the amazing support we got. We are impressed.”
EOS Getting More Attention
In recent news, EOS became the newest crypto to be listed on the popular US exchange Coinbase.com, which deemed EOS as “a cryptocurrency designed to support large-scale decentralized applications.”
“Starting today, Coinbase supports EOS (EOS) at Coinbase.com and in the Coinbase Android and iOS apps. Coinbase customers can now buy, sell, convert, send, receive, or store EOS,” said the team behind the exchange.
Featured Image: Cryptocurrency market