Bitfinex recently revealed its plans to offer trading options and a stablecoin backed with gold, along with other new products. The crypto exchange platform is reportedly eyeing a rollout to happen in the first quarter of 2020.
Paolo Ardoino on the News
The news was shared by Paolo Ardoino, the CTO of both Bitfinex and Tether. In a recent The Scoop podcast, Ardoino confirmed the company’s plans of introducing a gold-supported stablecoin dubbed Tether Gold. However, he didn’t share any other details about the upcoming cryptocurrency.
Ardoino also shared that after iFinex Financial Services came out with derivatives over the summer, the company turned its attention to options. The CTO admitted that developing a futures option was a massive undertaking that needed “months of full-time development.”
Now the Bitfinex chief and his team of machine engineers are pushing forward with their plans to hold tether-based swaps. He also said that their products will remain founded on tether. It’s to ensure the cryptocurrency is given the opportunity to build trust and develop a wider range.
With the crypto exchange aiming for a launch in the first quarter of 2020, Ardoino is working with external market specialists to secure liquidity. The company is also set to work with select partners to build a “circular economy.” This particular system aims to make sure that no resource is wasted.
Bitfinex plans to accomplish this by collaborating with partners that will allow users to purchase products with crypto via gift cards. Ardoino hinted at working with a well-known and established partner that will provide the cards. He added that he ultimately wants people to see cryptocurrencies as having other value aside from just trading it with Bitcoin or the US dollar.
The news about an upcoming stablecoin and options trading is just the latest in a series of announcements from Bitfinex.
Transfer from Omni Protocol to Liquid Sidechain
Ardoino also announced at the start of November that the company transferred 1.561 million worth of Tether from Omni Protocol to the Liquid sidechain. The move is said to boost the amount of USDT accessible on the network after the token was initially launched on the sidechain in July.
This month also saw the exchange platform cancelling its K.im token sale. K.im is the BTC sharing service of Kim Dotcom. According to Bitfinex executives, the decision not to go forward with the sale was because of the changing and increased scrutiny over token regulations. Conducting the sale could reportedly cause difficulties for both investors and issuers in the future.