Cryptocurrency Exchange HitBTC Adds EOS-Based Trading Pairs

Francisco Memoria
  • HitBTC has recently announced EOS is a quote currency on its platform.
  • This means it added EOS-based trading pairs, which are set to improve its liquidity.

Controversial cryptocurrency exchange HitBTC has recently announced it has upgraded EOS to a quote currency on its platform, and as such introduce trading pairs based on it, a move that’ll likely improve its liquidity.

The announcement came via Twitter, where HitBTC revealed it’s launching EOS-based pairs with XRP, Litecoin (LTC), Monero (XMR), Dash, and Bytecoin (BCN).

The move comes after the company added Euro-pegged stablecoin EURS to its platform, and listed the first “crypto euro to crypto dollar” trading pair.  The exchange is well-known for quickly adding new cryptocurrencies, and currently has eight quote currencies: Bitcoin (BTC), Ethereum (ETH), Tether’s USDT, TrueUSD (TUSD), Dai, EURS, and EOS.

EOS is notably a controversial cryptocurrency as its consensus mechanism has seen various critics claim it’s centralized. The cryptocurrency has 21 block producers (BPs) – similar to miners on Bitcoin’s blockchain – that have been criticized for reportedly having too much power.

Although BPs are continuously elected in EOS, the enormous centralization of EOS token holdings effectively sees whales exert their disproportionate influence over who may be elected. Moreover, those elected seem to have power that some argue doesn’t belong in a cryptocurrency’s blockchain.

As CryptoGlobe reported, the 21 BPs were ordered to freeze 27 accounts earlier this year by the EOS Core Arbitration Forum (ECAF), a body set to resolve community disputes. The move was so controversial EOS’ architect and Block.one CTO Dan Larimer proposed a new constitution.

The cryptocurrency is currently one of the most liquid in the crypto ecosystem. It’s mostly traded on top exchanges like Binance, OKEx, and Huobi, and is trading at $5.08 at press time after rising 6.5% in the last 24-hour period, presumably with help from HitBTC’s announcement.

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HitBTC itself is a notably controversial exchange. As CryptoGlobe covered, eccentric cybersecurity pioneer John McAfee has launched a campaign against it this year, allegedly over their withdrawal fees on Docademic (MTC), a project McAfee invested in.

The cybersecurity pioneer has revealed he and his team have been “preparing a legal complaint” against the popular cryptocurrency exchange, after it failed to reply to messages he sent it regarding the problem.

The exchange has also been accused of selectively scamming users by locking the funds of only a few, so these are seen as outliers. Earlier this year a Reddit user alleged the company was holdings his or her funds hostage, despite the submission of proof of ID.

HitBTC has barred Japanese users from its platform, as it’s reportedly planning on launching a licensed subsidiary in the country later this year.