One of the biggest crypto trading platforms Bitfinex has announced that they are opening margin trading services for the USDT/USD trading pair and this is what we are reading in our weekend altcoin news.
According to Bitfinex, this decision aims to improve the stablecoin offering because the market constantly evolves and the user demand increases. Traders can carry out leveraged trades for USDT/USD and can borrow money from the platform in order to exchange both USD and USDT.
Bitfinex also hopes to soon enable margin trading for other stablecoin trading pairs once the desired liquidity is reached so they can provide a ‘’coin agnostic platform.’’
Following the announcement on USDT, Bitfinex revealed more details on Twitter that they have enabled margin trading for BCH/ABC and BCH/SV pairs. The crypto exchange said in their announcement:
‘’Today, adding margin trading on USDT/USD pair will not only allow for more efficient price discovery, but in an important move for risk management, unlock the ability to hedge the exposure taken on stablecoins. Along with a dedicated lending market, USDT will be available as collateral for margin positions.’’
Earlier in December, Bitfinex proved its neutral stance towards the controversial USDT and it is hoping that it will position itself as an exchange which equips the users with multiple order types and full-feature spot trading platform.
Other competing exchanges have done the same, even the Winklevoss twins pointed out they would launch their own USD-pegged cryptocurrency. Bitfinex listed both Paxos Standard (PAX) and DAI which also proved to a little controversial.
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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
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