This release comes only a few months after Bitfinex announced that it is preparing eosfinex, an exchange platform for cryptocurrency and tokens, functioning with EOS contracts.
According to Mr Ardoino, one of the main reasons why Tether needs to launch on the blockchain is that conversions between fiat and crypto are still very hard on platforms. The main goal of the new EOS blockchain will be to make USD to crypto conversions.
At the moment, Tether supports several altcoins like THRON and Omni, and multiple-chain support is one of the main requirements for the survival of stablecoins and their distribution, according to Mr Ardoino.
An extensive fundraising campaign on the side of Bitfinex preceded the decision to improve the capabilities and functions of Tether. Earlier this month, the company successfully raised one billion dollars (USD1bn) for the support and development of a token called LEO.
Looks like Bitfinex just raised $1 billion https://t.co/aZyqEcvs7K
— Barry Silbert (@BarrySilbert) May 13, 2019
According to Mr Ardoino, the successful completion of a private sale of this magnitude only shows that investors still have considerable trust in Bitfinex’s activities.
Targeting an EOS blockchain is in tune with the recent listing of the EOS token on Coinbase, the leading crypto exchange in the US. The recent activity around EOS means that the altcoin will probably become a prominent point of interest in the cryptocurrency world. The steady rise in price yearly is another virtue of the altcoin, as it has gained more than one hundred and eighty-eight per cent (188%) of its value against the US dollar compared to 2018.