As per the latest reports, Hong Kong-based exchange Bitfinex has put margin trading into the picture for stable coin Tether (USDT). The exchange has established margin trading for the USDT/USD pair, that would supposedly outcome to the more efficient price discovery and allow users to evade the coverage taken on stablecoins. In group effort with the dedicated lending market, USDT would be applicable as collateral for margin positions. Presently, the stable margin trading is restricted to USDT/USD, therefore, the exchange is planning to launch margin trading for other stable coin pairings as well as soon as they reach the sufficient level of liquidity. To deal with any sort of query, feel free to call on Bitfinex Customer Service which is always operative and users can contact the team anytime.
Back in December 2018, there was the introduction of support for four major USD-backed stablecoins that includes WSDC, True USD (TUSD), Paxos (PAX), and the Gemini dollar (GUSD) by Bitfinex and its spin-off Ethfinex. These above-mentioned coins have already joined the supported Ethereum –backed coin DAI and the industry stalwart, USDT, all have to be operated against the U.S. dollar. Meanwhile, in the late November of the year 2018, Bitfinex was taken as a subject of a probe by the United States Department of Justice (DoJ) in alliance with unproven cryptocurrency market operation. The prime focus of the agency was to investigate whether USDT was used to falsely blow up Bitcoin (BTC) prices at the time of last year’s spectacular rise.
The Doj was searching for the way to introduce new tokens by Tether and also, why more than half of USDT have entered the market via Bitfinex, in the framework of a broader investigation into whether “market tricks” partially bloated crypto prices in topical years.
It has also rolled the headline that the DoJ’S allegedly been into activity on Bitfinex prior to investigations into possible misconduct. Both Tether and Bitfinex subpoenas from U.S. regulators for closed reasons back in December 2017, which supposedly associates with unrelenting uncertainty over the claim of Tether that USDT is backed one-to-one by the U.S. dollar For more information related to Bitfinex, call on Bitfinex customer support phone number which is functional all the time. The team is always active and know all the techniques that help in resolving the error. For all sorts of queries, you can always contact them and they will be ready to assist you at any time. Trust them as they provide best and opportune services to the users across the globe.
Bitfinex is a leading Cryptocurrency platform which is operated by Ifinex Inc. Founded in the year 2012 and headquarter is situated in Hong-Kong. It offers digital asset services to users across the globe. It has been in news because of its hacking issue in 2015 as well as 2016. Initially, it was originated as the P2P margin lending platform for Bitcoin and later on, other cryptocurrencies were being added.