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Bitfinex launches Tether Gold/BTC perpetual contracts

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Bitfinex launches Tether Gold/BTC perpetual contracts

Bitfinex Derivatives today launched perpetual contracts for the Tether Gold/BTC pair (XAUTF0:BTCF0). This contract type went live from today at 12 BST. The XAUTF0:BTCF0 pair allows up to 100x leverage and is settled in BTC. 

From this new type of derivative instrument, Bitfinex expects great results. The announcement reads:

“We anticipate a ready uptake for this Tether Gold BTC perpetual contract. This offering is available to sophisticated traders for the purposes of hedging and managing risk”.

On Bitfinex, Tether Gold against BTC

Bitfinex Derivatives is Bitfinex’s platform dedicated to derivative contracts. It offers derivatives contracts focused not only on cryptocurrencies, but also on silver.

However, the platform cannot be used everywhere, for example, US traders are excluded from its use. 

Tether Gold is the version of Tether that is pegged to gold instead of the US dollar. Each XAUT token is pegged to one ounce of gold. Tether Gold quickly reached a high market capitalization and a good level of volume, leading to speculation that it might soon replace Tether USDT

Bitfinex, which launched both the classic version of Tether and Tether Gold, soon launched derivatives on Tether Gold, starting with futures.

The pair between a gold-pegged stablecoin and BTC is quite unique and in a way reintroduces the often unconcealed rivalry between the two assets

BTC is considered digital gold. Tether Gold is itself a version of digital gold, since it replicates its value but in a tokenized way. In this way, it overcomes the physical barriers that gold has and which in some respects do not make it as competitive as BTC. 

It will be interesting to see the performance of this type of perpetual contract and how successful it will be among investors.

The post Bitfinex launches Tether Gold/BTC perpetual contracts appeared first on The Cryptonomist.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.
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