Tether Plans to launch Gold-backed Stablecoin in Q1 2020, CTO Paolo Ardoino said

Paolo Ardoino, CTO of Bitfinex and Tether, told The Scoop that the exchange is planning to launch options and more closely considering the prospect of a gold-backed stablecoin, called Tether Gold in the recent appearance on Nov. 12.

Paolo Ardoino CTO Bitfinex Tether

Paolo Ardoino

After iFinex Financial Services, a subsidiary of Bitfinex and Tether’s parent company iFinex, launched derivatives this summer, Bitfinex turned its focus to options with the quest to deliver futures was long.

“That was a big project. It required a few months of full-time development”.

To diversify the investment products within its portfolio going forward, Ardoino revealed that the company is paying attention to launching options in Q1 2020 and they are working with market makers to ensure liquidity.

He, however, did not discuss in detail the nature of a gold-backed crypto coin but highlighted its design which would resemble Tether’s USD coin.

Furthermore, Bitfinex will also expand operations into the payment system industry. To create a “circular economy”, or an economy aimed to save resources, Bitfinex will also be working with partners to enable users to buy goods with cryptocurrency using gift cards.

He further mentioned that the company has plans to work with a “big and well-known partner” to provide the cards.

Bitfinex moves $1.5 million to Bitcoin Sidechain

At the beginning of November, Ardoino reported that Bitfinex had moved 1 .561 million Tether (USDT) from the Omni Protocol to the Liquid Bitcoin (BTC) sidechain, which increases the quantity of USDT available on the network after the stablecoin was first listed on the Liquid Sidechain in July.

Furthermore, also in November, the cryptocurrency exchange unexpectedly canceled its token sale for K.im, Kim Dotcom’s Bitcoin content sharing service.

Executives said that they had agreed not to go ahead with the sale because of the changing face of regulatory scrutiny over such tokens, caused potential difficulties for both issuers and investors.

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.

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.


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