After launching gold-related tether gold (XAU ?) trading last week, Bitfinex now allows users to trade bitcoin tether gold (BTC)
On January 30, Bitfinex unveiled three pairs to trade margins for tether gold, a digital asset backed by physical gold, presented on January 23 by Bitfinex’s affiliate firm Tether.
The cryptocurrency exchange now allows traders to trade tether gold for bitcoin, as well as the US dollar (USD) and the tether (USDT).
Margin trading - a feature that allows traders to lend funds to increase leverage - will require an initial capital of 20% and provide a maximum leverage of 5x, Bitfinex noted.
Tether is accused of not supporting the USDT token with enough dollars
Tether Gold is one of the stablecoins launched by Tether along with the controversial USDT stablecoin. Known as the world's leading stablecoin, the USDT has been exposed to multiple controversies, as some reports suggest that Tether does not have enough dollars to support the token. The company is struggling to convince the public that the USDT is supported by an appropriate amount of dollars.
Meanwhile, it is claimed that Tether Gold is the best way to keep gold, because its physical base for storing gold is allegedly kept in a Swiss vault, adopting "the best security measures".
Tether and Bitfinex are facing a lawsuit for manipulating the crypto market
In addition to the controversy over Tether’s USDT, both Tether and Bitfinex have been accused of manipulating the cryptocurrency market, with some lawsuits pending that led companies to jump bitcoin in 2017 to a maximum of $ 20,000 per coin.
As the companies faced multiple lawsuits on the issue, a New York court ordered Jan. 24 to merge four lawsuits against Tether and Bitfinex. As Cointelegraph recently reported, the consolidation of lawsuits has raised questions about the leader of the prosecution team.
