Bitfinex, a leading cryptocurrency exchange, is set to unveil an EOS-based decentralized cryptocurrency exchange called ‘EOSfinex’ on September 26, during the Blockchain Live event in London.
According to a blog post, the new decentralized exchange is going to offer its users an “entirely trustless trading experience.”
EOSfinex will facilitate a highly scalable network of peer-to-peer value exchange, unconstrained by borders and built around a foundation of transparency, speed and integrity. Read the story in full below. https://t.co/CzORoYpCPv
— Bitfinex (@bitfinex) September 13, 2018
The platform will initially have three trading pairs: EOS/USD, ETH/USD, and BTC/USD. It may, per the post, quickly add new ones as the exchange’s contract is flexible and makes it easy to add new trading pairs. As the exchange states, “adding a new pair is trivial and can be done by anyone after the trusted contract issues a new tradable token.”
At first, EOSfinex will have market limit, immediate-or-cancel, and post-only order types, although more are set to come in the future, according to customer feedback and what will be considered logical, the post adds.
Bitfinex touts the platform is built on three pillars: decentralization, trust, and performance. The post reads:
The key to a truly valuable decentralised trading experience comes through eliminating the need for trust. With EOSfinex, we are creating a transparent and auditable network of peer-to-peer exchange which can be monitored and verified by participants from around the world at any time”
As Finance Magnates points out it’s notable it mentions “auditable” as Bitfinex itself has been embroiled in controversy after failing to provide users a proper audit. The exchange shares its management with Tether, which issues the US-dollar pegged stablecoin USDT.
Various critics claim Tether doesn’t have USD reserves to back up the over 2.7 billion USDT tokens in circulation, and that new tokens are issued to help pump BTC whenever the cryptocurrency’s price drops.
Tether has revealed the law firm of EX-FBI director Louis Freeh looked into its financial situation in the past, although it stopped short of an official audit. A study conducted by University of Texas professor John Griffin has suggested the USDT was used to manipulate bitcoin’s price as there was a correlation between the cryptocurrency’s price rising and Tether issuing new USDT.
Bitfinex itself has, as covered, recently partnered with Market Synergy GmbH in a move that’s set to improve its connections to institutional clients, as the latter will help professional traders have access to Bitfinex’s cryptocurrency pairs.
The crypto exchange touts EOSfinex will be a way to “innovate with EOS.” As covered, the cryptocurrency has recently become a quote currency on another leading exchange, HitBTC. According to CryptoCompare data, EOS is currently trading at $5.4, after rising 3.2% in the last 24-hour period.