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Bitfinex Derivatives Launches Contracts for Tether Gold-Bitcoin With up to 100x Leverage

Republished by Plato

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A year after the release of XAUt – a commodity-backed token pegged to gold – Bitfinex has announced the launch of a perpetual contract for the trading pair Tether Gold/Bitcoin. The new product will be settled in BTC and will offer up to 100x leverage for users.

XAUt/Bitcoin Perpetual Contract on Bitfinex

Launched in 2012, Bitfinex is among the oldest cryptocurrency trading venues owned and operated by iFinex Financial Technologies Limited. Back in 2019, the Hong Kong-based exchange expanded its platform by the release of Bitfinex Derivatives – “a digital token trading platform offering services for digital currency traders and global liquidity providers.”

In a press release shared with CryptoPotato, the exchange announced the addition of the latest product on its derivatives platform. It comes in the form of a perpetual contract for Tether Gold/Bitcoin (XAUt/BTC).

The product is scheduled to go live at 12:00 PM BST on April 9th and will offer users up to 100x leverage. Interestingly, Bitfinex said the contract will be settled in bitcoin.

Paolo Ardoino, CTO at Bitfinex Derivatives, noted that the company expects a “ready uptake for this Tether Gold Bitcoin perpetual contract.” He believes this new product should satisfy the needs of sophisticated traders by enabling them to hedge and manage risks.


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It’s worth noting that the products on Bitfinex Derivatives are “only available in eligible jurisdictions and are exclusive to verified users.” The statement highlighted US-based customers are “not permitted to use Bitfinex or any of its services.”

The XAUt Initiation

Tether, the company behind the most widely utilized stablecoin – USDt – and Bitfinex’s sister firm, announced the release of its first commodity-backed token in early 2020. Upon its launch, XAUt was available only as an ERC-20 token on the Ethereum network and TRC-20 on TRON’s blockchain.

The innovative product enabled holders to obtain undivided ownership rights to gold on the specified bars. The allocated precious metal is identifiable with a unique serial number, purity, and weight.

However, there was a somewhat high minimum purchase amount equaling to 50 XAUt. Essentially, this represented roughly 50 fine troy ounces, which cost about $75,000 at the time.

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Source: https://cryptopotato.com/bitfinex-derivatives-launches-contracts-for-tether-gold-bitcoin-with-up-to-100x-leverage/

Blockchain

Cardano Reaches All-Time High as Founder Pitches to Mark Cuban

Republished by Plato

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Cardano, the fourth-largest cryptocurrency by market capitalization, reached a new all-time high on Sunday, one day after Charles Hoskinson engaged in a conversation with Mark Cuban around the topic of Cardano’s potential.

ADA, Cardano’s token, has gained more than 60% in value over the past 2 weeks according to CoinGecko data, reaching an ATH of $2.45 on May 16th at a time when projects using Proof-of-Work (PoW) consensus protocols like Bitcoin experienced a steep drop in value.

Long seen as one of the biggest potential alternatives to the Ethereum network despite not having completed the development process, Cardano is now gaining traction as news of Tesla’s decision to stop accepting Bitcoin due to environmental concerns continue to affect projects relying on PoW.

While Ethereum will be transitioning to a Proof-of-Stake consensus protocol with the release of Ethereum 2.0, the network still uses a PoW approach that might have prevented it from being considered as a reliable alternative at this time.

This barrier should also be added to concerns about the ability of the network to escalate and operate efficiently at a time of high congestion.

Cardano’s latest releases provided developers and users with the option to create native tokens but the platform is still lacking smart contract features. The Alonzo update, which is expected to occur by the end of this month, will add smart contract support and open the doors for new uses of the network.

Hoskinson Pitches ADA to Mark Cuban Via Twitter

Mark Cuban, an American billionaire with a net worth estimated around $4.3 billion, has shown an increasing interest in cryptocurrencies such as DOGE and BTC over the past months.

The Dallas Maverick’s, an NBA team owned by Cuban, even started accepting the popular Shiba Inu-based cryptocurrency as a valid payment method for acquiring the team’s merchandise and tickets.

The entrepreneur started a Twitter discussion by asking his followers if they were” personally, able to use $ADA for anything?”, with thousands of followers quickly providing their opinions and retweeting his question.

One of such followers was Cardano’s Founder, Charles Hoskinson, who about an hour later replied with an invitation for Cuban to visit him in Colorado to chat about the project.

Hoskinson would later mention that the project has, “five million students in Ethiopia, thousands of assets issued on Cardano, a nice DApp ecosystem brewing for smart contract launch, a new VC model with catalyst, huge community.”

While Cuban seemed to find this information interesting and recognized Hoskinson’s status as an “ETH OG”, he also shared his belief that the platform was still not “there yet” in terms of applications while also mentioning the lack of smart contract functionality.

All Eyes are Set on the Alonzo Update

Like Mark Cuban, Cardano critics have been quick to point out that the network still lacks an essential aspect of blockchain technology: smart contract functionality.

This has made the Alonzo Hard Fork one of the most anticipated deployments for the network, as it will allow the network’s users to actually test the claims made by the project’s development team.

Hoskinson also Tweeted a 12-minute video in which he talked about the project’s history, goals, and status, directly addressing it to Cuban.

In the conversation with Cuban, Hoskinson replied to the concerns around Smart Contracts by tweeting:

“We rebuilt the entire smart contract model. It took four years to do it, but it’s necessary if you actually want security and scale. No more DAO hacks, less off-chain code. Consistent operating cost. Furthermore I want all devs not just solidity devs”

This smart contract model will finally be seen with the release of the Plutus Core in the Alonzo update, which the project’s developers assure will provide greater security and flexibility.

With Ethereum 2.0 also advancing on its development, the success of the Alonzo hard fork will prove to have an important impact on how the race between Ethereum and its competitors advances in the future.

Especially at a time when enterprises are paying more attention than ever to environmental-friendly alternatives to Ethereum and Bitcoin.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://blockonomi.com/cardano-reaches-all-time-high-as-founder-pitches-to-mark-cuban/

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Blockchain

Crypto Companies Raised $2.5 B in First Quarter of 2021, the Highest Ever!

Republished by Plato

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2021 bull run has propelled Bitcoin, altcoins, and the whole ecosystem into the mainstream limelight as well as adoption. The growing demand for digital assets is evident from the number of mainstream financial firms adding support for cryptocurrencies as well as the number of crypto companies that have become a billion-dollar company after the latest funding round. The first quarter of 2021 saw crypto companies raise a combined capital of $2.5 billion the highest ever and nearly double of 2018 second-quarter total fundraise

Many of these crypto companies attracted funding from mainstream behemoths including Chainalysis whose valuation grew into billions after its latest funding round of $100 million that saw participation from TIME Magazine owner Marc Benioff. Apart from Chainalyis other crypto firms that raised capital to the tune of hundreds of millions in their latest funding round include BlockFi that raised a whopping $350 million in their Series D funding round and Blockchain.com which also raised $300 million to see its valuation grow to $5.2 billion.

Crypto Companies in High Demand

The multi-fold increase in valuation of several crypto companies along with the public listing of many others reflect the growing demand for not just digital assets but also for experienced service providers from the crypto space. Coinbase created history this April after it made its public debut on Nasdaq with an $80 billion-plus valuation and over 50 million registered users.

Apart from crypto companies growing demand in the mainstream market, many traditional financial firms and payment processing giants such as PayPal and Venmo with over 300 million and 70 million customer bases respectively. PayPal that was once a part of Facebook’s infamous Libra association also opened a crypto spending option for its customers across millions of its verified vendors. MasterCard and VISA have also added crypto payment support in one form or other, not to mention, only a few years back these payment processing giants were blocking crypto-related transactions via their platform.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://coingape.com/crypto-companies-raised-2-5-b-in-first-quarter-of-2021-the-highest-ever/

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Blockchain

More Crypto Gains, Less Carbon Emissions: Platform Plants Trees for Every Trader

Republished by Plato

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By now you’ve probably already heard the scary headlines…

“Bitcoin is killing the polar bears!” – anon

Heads Up: If you aren’t ready to save the world, skip to the end of this article to get yourself access to some awesome trading signals and tools for free.

According to the Cambridge Center for Alternative Finance (CCAF), Bitcoin sucks up around 147 Terawatt Hours per year — 0.68% of global electricity production. In more easy to understand terms that’s around the same power usage as the entire country of Sweden, or Poland.

But is it that simple? No.

 

The reality is that yes the cryptocurrency industry is eating up a lot of power. But the same can be said for almost anything.

If you don’t enjoy Formula 1 racing, you might be tempted to say that it’s a total waste of time, money and a pointless contributor towards rising sea levels and climate change.

Whether or not Bitcoin is worth the environmental/energy cost is up for debate in much the same way.

Why care? Underwater trading is not fun!

Let’s go ahead and say we agree with scientific consensus that global warming is bringing us towards a period of extreme climate change and rising sea levels. Many island nations and countries with coastline are at risk including the densely populated cities such as London, UK.

If you already lose sleep over trades that are sat underwater for a few hours, it’s probably safe to assume that you aren’t going to have a good time if you need scuba gear to degen long your favourite alts a few years from now!

How you can save the world and make better trades

The ProfitFarmers platform is built from the ground up to be your Crypto Co-Pilot. Including expert level signals, copy-trade technology  and advanced trading terminals and tools!

So, Scuba Diver or Astronaut?

It matters not to us, our signal algorithms have been helping our users surf the WAVES…

 

And take interstellar voyages to VENUS…

 

Great gains are awesome, but we wanted to help traders all around the world reduce their carbon footprint without needing compromise on their trading performance.

We’ve decided to team up with One Tree Planted in an effort to stem the Earth’s bleeding.

 

Here’s the bottom line: For every user on our platform, every month we will be planting one Tree!Check out our blog post to find out how you can improve your trading game, make some great gains and start planting some trees now!

Want to get your toes wet for FREE?

If you aren’t ready to save the world just yet (or join us here at ProfitFarmers) then don’t worry. We’ve got something for you that can still help you make more gains from your crypto trading adventure.

We recently created the ‘ProfitFarmers Moon Bag’, free for serious traders. It’s a selection of our advanced tools and scanners as well as market intel and premium signals.
If you have Telegram you can dive straight in by using this link to join the party. Just don’t forget to get access to the tools and education afterwards!

All we ask is that you donate some of your trading gains to environmental causes.

Yep signals just like this for free!

 

Source :- Plato

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