Bitfinex Derivatives adds ApeCoin and Gala- The Cryptonomist


Today Bitfinex Derivatives announced the launch of Perpetual Swaps on ApeCoin (APE) and Gala. 

Apecoin and Gala on Bitfinex Derivatives

These are contracts settled in Tether (USDt) and available immediately for trading on the derivatives platform accessible via the Bitfinex crypto exchange.  

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ApeCoin is the new Ethereum-based token that serves as a reward for holders of collectible NFTs in the Bored Ape series. APE can be used for payments and transactions within Web3 apps and is used as the governance token of the relevant DAO. It may also be adopted by a wide range of different crypto services and projects in the future, most notably the new Otherside metaverse. 

GALA is another token on Ethereum that powers Gala Games, a project that aims to revolutionize the online gaming industry by “giving players back control over their games”.

The two new trading pairs on Bitfinex Derivatives are APEF0:USTF0 and GALAF0:USTF0, with leverage of up to 100x.

CTO of Bitfinex Derivatives, Paolo Ardoino, said: 

“We’re delighted to announce the addition of ApeCoin and Gala to the growing portfolio of perpetual swaps available to trade on the exchange. We anticipate great interest in these products, particularly among funds and professional investors for hedging purposes and to manage risk”.

 

Bitfinex Apecoin
Bitfinex Derivatives adds ApeCoin and Gala

How the derivatives market works

The crypto derivatives market is increasingly important, both because it offers trading solutions not found on the spot market and because many professional traders and institutional investors prefer regulated financial products. 

In fact, the Bitfinex Derivatives platform and products are only available in certain jurisdictions, and for verified users, while they are not available to US users. 

Whereas the spot markets on which tokens can be bought and sold directly are in many cases operated without specific authorizations – except in a few countries – derivatives markets often require an actual licence

Derivatives markets are strictly regulated, which is why many professional traders prefer them to spot trading of tokens. The fact that derivatives exchanges are often forced to operate only under licence provides another reason for professional traders to prefer them to spot exchanges. 

Crypto markets are now increasingly resembling traditional financial markets, so much so that they have become part of them in their own right. 





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