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Bitfinex Rolls Out Margin Trading On Tethers New Gold-Backed Token XAU₮

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Bitfinex Rolls Out Margin Trading On Tethers New Gold-Backed Token XAU₮
By Oana Ularu- January 31, 2020
Bitfinex Rolls Out Margin Trading On Tethers New Gold-Backed Token XAU₮
The crypto exchange Bitfinex has just added a margin trading for Tether Gold (XAU₮), a January 30th press release from the company’s website says.

Starting today, Bitfinex will support margin trading for XAU₮. The trading pairs will be for Bitcoin (BTC) and the US dollar (USD). According to the press release, initial equity will be at 20% for the margin trading, and will offer as much as 5x leverage.

XAU₮ Tokens Provide Ownership to Physical Gold
XAU₮ was launched on January 23, by Tether Ltd., the parent company of USDT. Every XAU₮ token constitutes sole possession of 1 troy fine ounce of gold that’s kept in a vault in Switzerland. It’s available as an ERC-20 tokens on the Ethereum blockchain, Tron Blockchain tokens will be the TRC20 tokens. Bitfinex listed XAU₮ on January 24. It will very soon allow its users to borrow funds so they can advance their trading positions. This is expected to bring more profits, even if the risks are greater, says the Bitfinex press release:

“MARGIN TRADING ENABLES TRADERS TO BORROW FUNDS TO INCREASE LEVERAGE, OFFERING THE POTENTIAL FOR GREATER PROFITS THAN IN TRADITIONAL TRADING. STILL, THE POTENTIAL FOR GREATER REWARDS ALSO COMES WITH HIGHER LEVELS OF RISK, PARTICULARLY GIVEN THE VOLATILITY OF DIGITAL ASSETS.”

At the same time, Paolo Ardoino, Bitfinex’s CTO agrees, as he declared:

“THE LAUNCH OF MARGIN TRADING ON TETHER GOLD WILL ALLOW MORE ADVANCED TRADING STRATEGIES, ENABLING A MORE SOPHISTICATED MEANS OF HEDGING EXPOSURE AND MANAGING RISK.”

Bitfinex Also Raised Its BTC/USD Trading Pair Offer
Bitfinex also stated they have raised their BTC/USD trading pairs offer to 5x from 3.3x. To this, Ardoino commented that:

“RAISING OUR LEVERAGE FROM 3.3X TO 5X IS A NOTEWORTHY DEVELOPMENT AND IS ALSO TIMELY GIVEN GROWING INTEREST IN GOLD AND OTHER SAFE HAVEN ASSETS AMID THE RECENT TURMOIL THAT WE'VE SEEN IN EQUITY MARKETS.”

Those who want more information about XAU₮ are advised to visit gold.tether.to

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Oana Ularu
Oana Ularu
Curious about what’s going on with all the money in the world, Oana is bringing you the latest news in the crypto world. She’s aware of the fact that you need to know everything that’s happening on the financial scene in order to play the cryptocurrency market, so you can count on her to share with you every little detail on what matters.

 
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