The Hong Kong-based cryptocurrency exchange Bitfinex has launched new perpetual swaps for three new products on its derivatives platform. The newly-launched perpetual contracts are for Chainlink (LINK), IOTA, and Uniswap (UNI). As reported by Hedge Week, these swaps are said to be settled in Tether (USDT), the largest stablecoin in the world.
Known as IOTAF0:USTF0, LINKF0:USTF0, and UNIF0:USTF0, these three perpetual contracts went live on the 18th of November. Bitfinex Derivatives is offering users maximum leverage of up to 100x on the trading of these perpetual contracts.
While commenting on the launch of LINK, IOTA, and UNI swaps, the Chief Technical Officer (CTO) at the Bitfinex exchange Paolo Ardoino said that they are pleased on adding these three products into their existing growing perpetual swaps’ portfolio. He said that they are expecting interest from investors in these products.
“We’re delighted to announce the addition of IOTA, Chainlink and Uniswap to the growing portfolio of perpetual swaps available to trade on the exchange. We anticipate great interest in these products, particularly among funds and professional investors for hedging purposes and to manage risk.”
However, these newly-introduced perpetual contracts will only be available to the countries that come under the jurisdictions of the exchange. The customers of the United States have also been not allowed to access these perpetual contracts as the exchange halted offering its cryptocurrency services to them back in the year 2017.
Moreover, only those users will be able to access these offerings completely who have undergone Know-Your-Customer (KYC) and have been verified. Bitfinex also requires users to go through the verification checks in order to access its peer-to-peer lending platform Bitfinex Borrow which was introduced by the exchange recently. Bitfinex Borrow allows users to get a cryptocurrency loan. Users’ verification is only compulsory for users in the case of withdrawing or depositing funds from the platform.
As far as perpetual contracts are concerned, Bitfinex already offers a range of perpetual swaps for other digital currencies as well including Litecoin’s native digital currency LTC, Polkadot’s native token DOT, and EOS. Moreover, perpetual contracts for Tether Gold and Silver are also present on the exchange’s derivatives platform.