EOS.IO and Bitfinex have partnered up to build the first decentralized exchange to be built on the EOS.IO technology. EOSfinex aims to combine the scalability and speed of EOS.IO with Bitfinex’s industry-leading expertise. The new project is said to deliver an “on-chain” exchange designed to offer a fast, transparent and trustless platform for the trading of digital assets.

The partnership between the proven and reputable cryptocurrency exchange Bitfinex with EOS.IO serves to prove the potential of the platform.

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Bitfinex explains that its continuous goal has been to research and sandbox the capabilities of various protocol-level technologies that meet the rigorous requirements of a high volume, blockchain-based trading platform. The search for a reliable solution led to EOS.IO, which aims at processing tens of thousands of transactions per seconds, with minimal fees and confirmation times.

Post-Announcement Bounce

In the aftermaht of the announcement, the price of EOS against Bitcoin spiked higher to 0.00105 BTC. The rally has sinze fizzled out with the EOS/BTC pair trading at 0.00102.

$EOS bouncing off the long term support here. EOSfinex announced at the same time. Take note of where it went when it bounced off this line. pic.twitter.com/Lp9We5tIvo

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Commenting on the announcement, the CEO of Bitfinex, J.L. van der Velde, said: “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 decentralized exchange.”

“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.”

The company will be providing more information about the project as progress is being made.