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Bitfinex just swapped $5M worth of tether onto EOS Protocol.

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Alexander Aryan
Alexander Aryan
After completing his Masters in Business Administration and Management from the California State University, Alexander dedicated his life into studying and writing about bitcoin and the technology behind it as he believes it to be the money of the future. Apart form being a writer, Alex is also a great speaker and loves to participate in blockchain events.

Bitfinex and it's trading platform EOSFinex successfully converted $5 million worth of tether (USDT) stablecoin onto EOS blockchain protocol. With this move, the company aims to work with the EOS community to bring block irreversibility times down to 3 seconds. Earlier, an exploit caused hackers to steal more than $110,000 in cryptocurrency from a gambling DApp.

BitFinex, in coordination with its decentralized trading platform EOSFinex, completed a chain swap to convert $5 million worth of Tether stablecoin onto EOS blockchain protocol. With this move, BitFinex aims to provide the EOS DApp ecosystem with a stable and liquid store of value to reduce the volatility factor.

EOSIO’s peer to peer micropayment infrastructure powers 49% of the 100 decentralized applications, including seven of the top 10 DApps with the highest transaction activity. The company aims to work with the EOS community to bring block irreversibility times down to 3 seconds and launch EOSFinex on the mainnet.

Earlier it was reported that from some time EOS blockchain protocol users have been experiencing intermittent problems with network access. The main cause of the problem is considered an inexpensive technique that allows hackers to congest the network. So far, this has allowed hackers to steal more than $110,000 in cryptocurrency from a leading gambling DApp on EOS.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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