Skip to main content

A Breakthrough? Tether has a new Bahamas-based bank

Tether announced today that it had opened a $1.8 billion bank account in the Commonwealth of The Bahamas at Deltec Bank & Trust Limited.

According to Tether – that has a long history of scandals, as well as a vast number of recent negative events -, the bank accepted the company as a client after a successful due diligence review of the stablecoin issuer.

Tether stated that the financial institution’s review included an analysis of the company’s compliance processes, policies and procedures, a full background check of the shareholders as well as ultimate beneficiaries and officers of the firm, and assessments of Tether’s treasury management policies and the ability to maintain the USD-peg at any moment.

Furthermore, Deltec – who will review the stablecoin issuer on an ongoing basis – conducted its due diligence process throughout a period of several months. According to Tether, the Bahamas-based financial institution identified the results as positive and allowed the company to create a bank account.

Tether also published a letter from Deltec, in which the bank states that it has confirmed that on October 31, 2018, Tether had approximately $1.8 billion in its account. Checking Tether’s transparency page, the reserves match the total USDT that is in circulation.

Tether’s bank account was first reported by The Block two weeks ago stating that the stablecoin issuer had opened an account at the Bahamas-based bank a few weeks before the article was published. Previously, both Tether and Bitfinex were banking with Puerto Rico’s Noble Bank. However, soon after, the parties have broken contract with each other.

Earlier this month, the price of Tether’s USDT token has crashed, leading to the valuation of the cryptocurrency going down to as low as $0.95. After Tether has burnt $500 million tokens, the price of the stablecoin has since recovered to almost $1.

The post A Breakthrough? Tether has a new Bahamas-based bank appeared first on CryptoPotato.

Popular posts from this blog

Virtual Currency Games

Every little boy's (and many grown men's) dream of making a living by playing video games is edging closer to reality. The recent release of HunterCoin and the in-development VoidSpace, games which reward players in digital currency rather than virtual princesses or gold stars point towards a future where one's ranking on a scoreboard could be rewarded in dollars, and sterling, euros and yen. The story of the millionaire (virtual) real estate agent... Digital currencies have been slowly gaining in maturity both in terms of their functionality and the financial infrastructure that enables them to be used as a credible alternative to non-virtual fiat currency. Though Bitcoin, the 1st and most well known of the crypto-currencies was created in 2009 there have been forms of virtual currencies used in video games for more than 15 years. 1997's Ultima Online was the first notable attempt to incorporate a large scale virtual economy in a game. Players could collect gold coins

The Basics of Cryptocurrency and the Way It Works

In the times that we're living in, technology has made unbelievable advancement as compared to any time in the past. This evolution has redefined the life of man on almost every aspect. In fact, this evolution is an ongoing process and thus, human life on earth is improving constantly day in and day out. One of the latest inclusions in this aspect is cryptocurrencies. Cryptocurrency is nothing but digital currency, which has been designed to impose security and anonymity in online monetary transactions. It uses cryptographic encryption to both generate currency and verify transactions. The new coins are created by a process called mining, whereas the transactions are recorded in a public ledger, which is called the Transaction Block Chain. Little backtrack Evolution of cryptocurrency is mainly attributed to the virtual world of the web and involves the procedure of transforming legible information into a code, which is almost uncrackable. Thus, it becomes easier to track purchases

This Hated Commodity Could Make Huge Gains in 2018

The forecast showed an extra 20 million pounds of uranium production for 2018... with no buyers. As you can imagine, the uranium price plummeted. It hit its lowest price in October 2016 at $18.75 per pound. That touched a 13-year low price. The downtrend began back in 2011. The uranium price peaked at $72.50 per pound in January 2011. It fell steadily since then, down a total of 74%. This is a shocking result for an energy source that many embraced as a "green" rescue from hydrocarbons just a few years ago. Nuclear power creates safe, carbon-free energy. The problem is, it can cause huge disasters. That's what we discovered when the Fukushima disaster struck Japan. The Demise of Nuclear Power An earthquake and tsunami damaged the Fukushima Daiichi nuclear power plant in March 2011. The earthquake damaged a reactor. Then the tsunami inundated the area, destroying vital backup generators. Without the backup power, cooling water couldn't get into the plant. That caused a