All crypto traders will agree that one major drawback to the entire ecosystem at the moment is centralized exchanges. Companies such as Coinbase rake in billions of dollars through inflated fees and commissions on what should theoretically be a decentralized peer-to-peer network. Crypto exchange Bitfinex is planning to alleviate this problem with a decentralized exchange of its own.
According to Coinmarketcap, Bitfinex is the world’s fifth largest exchange with just under a billion dollars traded in the past 24 hours. In an announcement yesterday, the company introduced the first high-performance decentralized exchange to be built on EOS.IO technology.
The company has said that its new product, EOSfinex, will combine the speed and scalability of EOS with its own leading industry expertise. The result will be an on-chain exchange providing fast, transparent, and trustless transfers of digital currencies. EOS.IO, with the ability to handle thousands of transfers per second, was a good fit with the goals of Bitfinex to continue pushing the boundaries of the high volume trading platform.
Company CEO, J.L. van der Velde, stated;
We are excited to leverage EOS.io to further advance the field of high performance and trustless on-chain exchange. Block.one continues to display an unwavering dedication to improving blockchain scalability through the EOS.IO platform and it is our hope that this collaboration will allow significant advancement for all decentralised exchange.
He went on to note:
Our experience indicates that these advancements represent fundamentally transformative capabilities for the blockchain industry, and Bitfinex remains dedicated to leveraging the latest innovations to continue offering the world’s leading trading experience.