Bitfinex to launch options and gold-backed stablecoin


Bitfinex has plans to offer options as soon as Q1 2020, according to Paolo Ardoino, CTO of Bitfinex and Tether. Ardoino told The Scoop that compliant perpetual swaps and basket futures are on the way.

Ardoino revealed this slew of new products in a recent episode of The Scoop podcast. He also said that the company is looking to launch a gold-backed stablecoin, Tether Gold, without disclosing more details on this new cryptocurrency. 

After iFinex Financial Technologies Limited, a platform under the same iFinex umbrella as Bitfinex launched derivatives this summer, the exchange turned its focus to options. The quest to deliver futures was long, according to Ardoino.

"That was a big project," he said. "It required a few months of full-time development."

Now, Ardoino said he and the team of machine engineers are moving forward to tether-based swaps. As of now, he said he sees the products remaining tether-based to give the cryptocurrency a chance to build trust and a wider reach.

Eyeing a Q1 2020 launch, Ardoino said he's currently working with external market makers to ensure liquidity.

To create a so-called "circular economy," or an economy aimed at eliminating the waste of resources, Bitfinex will also be working with partners to enable users to buy goods with crypto using gift cards. Ardoino said the company has plans to work with a "big and well-known partner" to provide the cards.

"It's important that people can see the farther value of having cryptocurrencies rather than just trading back and forth between Bitcoin and USD or whatever," he said. 

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Will Sanctions Drive Russia into the Arms of Cryptocurrencies?

From the removal of many Russian banks from SWIFT to a seemingly constant flow of new sanctions, Russia’s invasion of Ukraine has left many to wonder: Is the country likely to lurch towards cryptocurrencies? And if so, what does this mean for businesses that are holding and/or using crypto? Crypto and sanctions evasion Although crypto […]
Read Full Story
Sponsored Post

Layer-2 Scaling Solutions: A Framework for Comparison - Commissioned by Polygon

Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Read Full Story
May 5, 2022, 3:17PM UTC