Bitfinex to launch Tether Gold, a gold-backed token

Bitfinex plans to develop its product range in the near future, including options trading and a gold-backed Stablecoin

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A view of Ducatus cafe, the first cashless cafe that accepts cryptocurrencies such as Bitcoin, on their opening day in Singapore December 21, 2017 REUTERS/Edgar Su/File Photo

Bitfinex is a trading platform that was created in 2012 in Hong Kong. It is one of the most famous cryptocurrency exchange platforms in operation today and offers a wide range of cryptos, pairs and trading features to its customers. If you are looking for a unique platform to meet all your crypto needs, Bitfinex is surely the solution.

The trading platform regularly makes the front page of the crypto sphere news. Often, it is because of Tether, its dollarized stable coin. Not content with exporting the USDT on several different blockchains and to have experienced other fiduciary currencies as underlying, the company continues to innovate. The team announced that they have been working on the implementation of crypto options as well as on a new stable coin, this time backed up with gold.

The exchange also enters into various partnerships with many of the industry's leading names to enable its customers to purchase all types of products through crypto gift cards. The objective according to the CTO is to show the public that cryptocurrencies are not only used for trading. "It is important that people can see further the value of having cryptocurrencies, rather than just trading between Bitcoin and the dollar," said Mr Ardoino.

Bitfinex joins the long list of platforms offering crypto derivatives and options. They have competition from the likes of Bakkt, for example, is planning to launch options on its Bitcoin futures for the month of December. The Chicago Mercantile Exchange (or CME) also announced the launch of a similar product in January 2020.

It seems that the bitcoin options market is starting to gain traction with the increasing volumes observed in the derivatives markets offered by Bakkt, Binance or Bitmex. It remains to be seen which platforms will succeed within this competitive market. As for Bitfinex's strategy seems to run, not to be limited to the Bitcoin king alone, launch a maximum of products to try to satisfy the entire market

Bitfinex plans to develop its product range in the near future, including options trading and a gold-backed Stablecoin. As revealed by Paolo Ardoino, the exchange's CTO, revealed in a podcast recorded with journalists from The Block.

Although little information has been revealed about options trading, Paolo Ardoino nevertheless announced that this new service will probably be available in the first quadrimestre of 2020. In the meantime, Bitfinex is in discussions with external market makers to ensure the future liquidity of its crypto-compatible derivative.

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A Bitcoin (virtual currency) coin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017 Benoit Tessier/Illustration/Reuters