Bitfinex Derivatives today announced the launch of perpetual contracts for EOS, Litecoin, and Polkadot.
According to a press release received by AMBCrypto, trading went live on Bitfinex on 12 October at 9:00 AM UTC. Under this offering, each contract will be promising users up to 100x leverage and will be settled in Tether (USDt). The development in question was welcomed by many in the community, with Bitfinex Derivatives’ CTO Paolo Ardoino stating,
“We’re delighted to announce the addition of EOS, Litecoin and Polkadot to the growing portfolio of perpetual swaps available to trade on the exchange.”
Ardoino went on to add that the platform was anticipating “great interest in these products among funds and professional investors for hedging purposes and to manage risk.”
These new products will join a list of 10 existing derivative products currently listed on Bitfinex – of which the Europe 50 and Germany 30 perpetual swaps that were launched last month offer exposure to traditional equity markets.
The move in question was intended to broaden the investment universe for crypto-traders to gain exposure to traditional markets, with Ardoino going on to add,
“High-frequency traders account for about 80% volume on our platform. We are attuned to their requirements and see this offering as being able to enhance cross-asset trading strategies”
The existing platform currently hosts only 5 crypto-related derivative products, namely,
- Bitcoin/Tether Pair
- Ether/Tether Pair
- Tether Gold/Tether Pair
- Ampleforth/Tether Pair
- Bitcoin Dominance Index
The addition of these EOS, Litecoin, and Polkadot derivatives may represent a more formal expansion into the crypto-derivative space for Bitfinex.
Bitfinex, one of the market’s top 10 exchanges by daily trading volume, saw some of its stolen funds from the 2016 hack moved over the past week. According to data from Whale Alert, hackers moved $4.6 million BTC on 8 October and $26.4 million on 7 October.