Bitfinex Says Users Are Now Able To Directly Trade Tether For Fiat

Bitfinex users now have the ability to directly trade Tether for fiat thanks to the addition of USDT/USD and EURT/EUR trading pairs, according to a November 27th Medium post from Bitfinex.  

The exchange said the new Tether trading pairs will replace "the previous 1:1 conversion on deposits and withdrawals provided by Bitfinex." It characterized the announcement as “continuing our heritage of providing a neutral, coin-agnostic platform.”

Exchanges Should Serve As A Neutral Actor

In the post, Bitfinex noted how it protected customers through a guarantee of the Tether/USD 1:1 peg.

It said the ability for users to take advantage of the new trading pairs is a “reflection of the evolved stablecoin market” and maintained a company ethos that “an exchange should be a neutral actor.”

The Bifinex team wrote how the change comes in tandem with a big update to the Tether.io platform which allows customers to directly redeem their USDT for USD.

CryptoGlobe reported today on Tether’s redesigned platform, which also features the ability to verify new customers.

However, only people with at least 100,000 USDT are able to redeem USDT for USD on Tether’s website. Tether said these stipulations are targeted towards its “professional investor audience.”

Coming Investigations Into Tether And Bitfinex?

About a week ago, CryptoGlobe covered allegations that the U.S. Department of Justice and the Commodities Futures Trading Commission (CTFC) were working on crypto-related investigations.

According to speculation, more scrutiny was being directed towards purported market manipulation involving Tether and Bifinex.

The two entities were at the receiving end of a subpoena by the CTFC in December 2017. Allegedly, the CTFC and the Department of Justice are coordinating investigations of the duo’s activities.

Tether’s reputation has been under fire of late due to issues with redemption at Bitfinex and a continued lack of attestation by an independent accounting firm.

However, Tether has affirmed a strong relationship with Deltec Bank & Trust Limited and claims it will be able to “return to its original vision” as a result.

OKEx, Skew Release 10 New Trading Data Charts as Partnership Evolves

Popular cryptocurrency exchange OKEx and crypto market derivatives data aggregator Skew have unveiled plans for the second phase of their partnership, release 10 new trading data charts as it evolves.

According to a press release published by OKEx the exchanges was the first one to share data from its futures and options markets through its own dashboard on Skew. The second phase of the collaboration between both organizations will add 10 new advanced charts with “even more in-depth metrics available to them.”

The second phase of the partnership between OKEx and Skew is set to bring various new features, among them the new charts. These include charts such as the BTC futures Aggregated Open Interest, the BTC Perpetual Swap Price vs Spot, and the BTC Options Volumes & Open Interest, among others.

chart.pngSource: OKEx

The new charts come shortly after OKEx expanded its derivatives portfolio with the launch of ETH/USD options on its platform, and with the announcement of EOS/USD options. The cryptocurrency exchange has been leading when it comes to derivatives trading volumes, thanks to perpetual swaps for top cryptoassets like BTC, ETH, and others.

In its announcement, OKEx claims the diversity it offers is appealing to institutional and professional traders who can keep their pricing strategies more flexible. Its main goal, it adds, is to make products “accessible to a wider audience of retail – as well as beginner – traders.” To do this, it invests resources in its Academy.

To bolster the partnership, the cryptocurrency exchange prepared a guide to highlight and explain how to read and analyze the new charts. OKEx’s Director of Financial Markets, Lennix Lai, commented:

We hope to provide even greater transparency for users through this second phase with Skew. That also means helping traders understand how to interpret sometimes complex charts and how to use the information to execute better trades.

Lai added that the guide will help users read and interpret the charts, as they can be “daunting at first and are typically left for advanced users.” As CryptoGlobe reported, last month OKEx announced an OKChain hackathon to boost the development of decentralized applications for its blockchain.

Featured image via Pixabay.