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New Tether Gold/Bitcoin Contracts Launched By Bitfinex Derivatives

Crypto Exchange Bitfinex’s Appeal Cancelled by New York Court

It’s been around a year since Tether Gold (XAUt), a stablecoin pegged to gold, was launched. Now, Bitfinex plans on adding some more use for Tether Gold, announcing a new perpetual contract for XAUt and Bitcoin. The new product will offer up to 100x in leverage for the users, and will be settled in Bitcoin.

Adding XAUt/BTC Leveraged Perpetual Swaps

Bitfinex itself stands as one of the oldest crypto exchanges out there, having been launched back in 2012. The crypto trading venue is operated and owned by way of iFinex Financial Technologies Limited. 2019 saw the exchange, based in Hong Kong, expand its platform further through Bitfinex Derivatives. This platform was heralded as a token trading platform offering various services to both global liquidity providers and digital currency traders.

Through a press release, the exchange announced that yet another product will be integrated into the derivatives platform at large: A perpetual contract for XAUt and BTC.

sparkswap-crypto-exchange

The Mandatory Public Statement

This perpetual XAUt/BTC trading pair was set to launch on the 9th of April at 12:00 PM BST, offering up to 100x leverage for anyone keen on the contract. It should be noted, however, that it will exclusively settle in Bitcoin.

Paolo Ardoino stands as Bitfinex Derivatives’ CTO, and gave a public statement about the matter at large. In his statement, he declared that the company fully expects people to take up this perpetual contract in quick fashion, and is convinced that this product will satisfy a sophisticated trader’s needs. This is due to these traders being capable of managing and hedging risks in the process.

Derivatives Aren’t For Everyone

Now, of course, Bitfinex Derivatives can’t just allow any old schmuck access to a perpetual swap contract with 100x leverage. The platform was quick to stipulate that this new contract is only available to verified users and will only be available in jurisdictions that will allow for it, in turn. As such, the exchange was quick to highlight that customers based in the USA aren’t capable of using Bitfinex as a whole, any of its services included.

Time will tell how effective this new product will be, but Bitfinex, and its sister firm Tether, will undoubtedly profit from this new service. As always, the mandatory statement about the risks involved in derivatives trading, especially leveraged derivatives, cannot be overstated enough times. For those that don’t know what they’re doing, derivatives and leverage are a quick way to lose all of your holdings without even realizing it.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.

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