Bitfinex Initiates Tether-Based Equity Derivatives

Bitfinex (Courtesy: Twitter)
Bitfinex (Courtesy: Twitter)

Cryptocurrency exchange Bitfinex has launched tether (USDT)-settled perpetual contracts that track two European equity market indices.

The new derivatives — Europe 50 and Germany 30 perpetual swaps — offer exposure to traditional stock markets. Perpetual contracts on Europe 50 (EUROPE50IXF0: USTF0) and Germany 30 (GERMANY30IXF0: USTF0) will go live at 09:00 UTC on Monday, the firm said in a press release.

Germany 30 represents the Deutscher Aktien Index (DAX) of the 30 largest German stocks that trade on the Frankfurt Stock Exchange. Each contract offers up to 100x leverage and will be settled in stablecoin tether (USDT).

A perpetual contract is similar to a traditional futures contract, but has no expiry and mimics a margin-based spot market. The STOXX Europe 50 includes 50 stocks from 18 European countries and provides a blue-chip representation of supersector leaders in the region.

“This is the first time that an exchange from the digital asset space has launched a product that bridges the gap with traditional stock markets, representing a significant milestone in the evolution of crypto as an established asset class,” said Paolo Ardoino, CTO at Bitfinex Derivatives.