Bitfinex lists Gala (GALA) token for margin trading
Gala Games’ token (GALA) has gotten the thumbs up for one of the major cryptocurrency exchanges in the world. Bitfinex today announced it would allow users and investors to trade the digital asset against both Tether and US dollar, as well as to make deposits for the token.
Gala is a gaming and NFT platform that uses decentralized ledger technologies to apply the now popular play-to-earn model. Backed by Eric Schiermeyer, co-founder of Zynga, a company listed on Nasdaq and already operating in the games sector, the startup says its mission is to allow players to own their in-game items and have a voice in how the Gala Games roadmap develops.
The project currently has one playable game called Town Star on its platform, but several others are in development. Before this listing, Gala’s main markets were Coinbase and Binance, which now gain a competitor.
Furthermore, Gala token entered the top 60 cryptos by market cap after gaining an incredible 34,000% last year, according to CoinMarketCap data. The platform’s utility token also continued to grow in the past two months, in spite of a general downturn in crypto prices.
Gala builds an ecosystem of blockchain games
Eric Schiermeyer, the CEO of Gala Games, said in a statement on its website: “I wouldn’t be doing this if I didn’t think this was literally the next phase of the internet. Everything that touches ownership is going to be affected by what’s happening here. Art and music and everything that has a digital life is going to be touched by this. Anything that you thought was digital that you thought you owned but didn’t really own — that’s what’s about to be revolutionized.”
“We’re delighted to add Gala Games to the tokens available to trade on our platform. We anticipate great interest in Gala among the exchange’s growing customer base,” added Paolo Ardoino, CTO at Bitfinex.
Bitfinex has had a busy year, fighting legal battles and media scrutiny about the stability of its stablecoin. Most recently, the US Commodity Futures Trading Commission (CFTC) settled a nearly two-year investigation into the finances and corporate practices of Tether and Bitfinex. The stablecoin issuer and its associated crypto exchange agreed to pay a $42 million fine to resolve a closely-watched legal dispute about Tether’s fiat reserves.
This major development in the crypto industry, however, didn’t conclude the long-running legal battle that started two years ago. Tether has been embroiled in a new criminal probe that accuses its operators of committing serious bank fraud. Prosecutors have been building a case to sue the stablecoin issuer and a decision on the probe could be made soon.