Bitfinex to Launch Cryptocurrency Options and a Gold-Backed Stablecoin by 2020

Popular cryptocurrency exchange Bitfinex is looking to expand its product offering with the launch cryptocurrency options and a gold-backed stablecoin by the first quarter of next year.

According to Paolo Ardoino, Bitfinex’s CTO, compliant perpetual swaps and basket futures are in the works, just like the proposed gold-backed stablecoin called Tether Gold. Ardoino didn’t share more about the bullion-backed token but given the name it’s likely going to be issued by the issuer of the USDT stablecoin, Tether, a firm Bitfinex shares management with.

Bitfinex has launched derivatives earlier this year, allowing traders to leverage their position on bitcoin and ether up to 100x. The offering required “a few months of full-time development” but not that it’s out the team is moving to USDT-based swaps. Being based on the stablecoin they may give it a chance to “built trust and a wider reach.”

The CTO’s words came while speaking to The Block on a podcast, where he also revealed Bitfinex has reached out to external market makers to ensure liquidity on its new products. The exchange is also partnering with various industry players to let users purchase products using cryptocurrency gift cards.

Ardoino said:

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.

Bitfinex has been adding to its services over the last few months, and better serving the cryptocurrency community. In late October it added native segregated witness (SegWit) address for bitcoin withdrawals, as well as new charting tools.

As CryptoGlobe reported, the CME Group has recently revealed it’s looking to launch options on its futures products in January of next year, as long as it gets a green light from regulators. The Chicago-based exchange noted its trading volumes have been growing as interest grows.

Featured image via Pixabay.