Biftinex is Set to Launch Options and a Gold-Backed Tether in Q1 2020

With many issues that have made premier cryptocurrency exchange Bifinex controversial, it seems that the exchange is set to get its groove back in 2020 as per revelations by its CTO Paulo Ardoino in a podcast with the BlockCryto. In the podcast, Paulo discussed a wide range of issues ranging from the allegations of market manipulations to upcoming products that Bitfinex plans to offer including options and a gold-backed stablecoin.

While much has been said about Bitfinex’s growing Twitter popularity, the success of LEO and company’s strive for transparency and success, most important that Paulo went to talk about the introduction of options and futures trading on the Bitfinex platform. He indicated that trading will take off in the first quarter of 2020 hopefully.

“…So our goal is to launch options in Q1 2020. We are working…”

He also spoke about the creation of cryptocurrency gift cards and indicated that the exchange will also offer them next year. This will mean then that Bitfinex is going to enter one of the biggest markets in the world by volume which will also increase the trading volume of the exchange exponentially. 

“…So we will be working with a big and well-known partner that provides gift cards…”

He also said:

“… So in order to trade futures on Bitfinex, you have to be verified. And we are excluding, of course, also certain jurisdictions like Canada and few others, because we believe that we want to be really protective of our users….”

He also spoke about the introduction of a gold-backed Tether token but didn’t any details due to the “competition”.

 “…Also, tether gold. I think that what excites me is to seed or give the ability of letting people to to use tether gold and having a sort of comparison between physical gold and digital gold that is bitcoin…”

He further went on to mention:

“… Of course, we’ll be fully gold-backed. We are working the system to be sure that every single you know, every single tether gold is linked to a specific gold bar…”

This indicates that the guys at Bitfinex and Tether are going to bring some extremely unique offerings to the markets. After facing the kinds of issues that they have faced it is interesting to see them cooking unique and innovative offerings to the marketplace not just as a comeback but more as a “coming-of-age” in an industry that doesn’t easily forgive failure.

As to the success of the new products, only time will tell if the aforementioned products are part of the foolhardy imaginations of a few nerds or total strokes of genius that will change the world forever.

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