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    Bitfinex Offers Crypto Crude Oil Swaps With Up To 100x Tether Leverage

    Ikhtisar:Bitfinex Derivatives has made it possible for traders to trade perpetual contracts for UK crude oil, palladium, and platinum.

      Bitfinex's derivatives platform has recently announced an expansion of its services by offering perpetual contracts for three popular commodity instruments. Traders can now access these commodities through Bitfinex Derivatives, which were previously limited to traditional financial exchanges during regular trading hours. These instruments can be traded around-the-clock using Tether (USDT).

      The three commodities that will now be available on Bitfinex Derivatives are UK crude oil, palladium, and platinum. UK crude oil plays a crucial role in refinement for diesel fuel and gasoline, and is the benchmark for the light oil market in Europe, Africa, and the Middle East. Palladium is mainly used in manufacturing processes, including dentistry and jewelry, and is primarily sourced from the US, Russia, South Africa, and Canada. Platinum, on the other hand, can also be made into jewelry, but has various other uses such as in computer hard disks and chemotherapy drugs for cancer treatment. As with any commodity, their prices are influenced by demand.

      Bitfinex's derivatives platform has further expanded its offerings by launching three global commodities to add to its existing portfolio of over 60 crypto perpetuals. These commodities, including Tether gold perpetuals and silver perpetuals, were introduced on March 15 and can be traded with up to 100x leverage, settled in USDT tokens. This allows traders to execute trades much larger than their initial margin.

      Established in 2021, Bitfinex currently provides access to nearly 200 different tokens and 400 unique spot trading pairs. Its latest move to offer global commodity indexes to trade appears to be a unique and innovative addition, as it is not a common practice among crypto exchanges.

      Here is the Bitfinex's score and ranking at WikiBIT:

      According to Paolo Ardoino, the Chief Technology Officer at Bitfinex Derivatives, the addition of these three global commodities is expected to generate significant interest, especially among professional investors and funds who aim to take directional positions or hedge risks.

      Similar to other crypto perpetuals, trading for these commodities will also involve settlement in USDT for both transactions and funding, while the margin collateral will be denominated in USDT.

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