Tether Confirms New Bank and Claims to Have $1.8 Billion in Cash

Tether Confirms New Bank and Claims to Have $1.8 Billion in Cash
фото показано с : news.bitcoin.com

2018-11-2 14:40

Tether Ltd. has confirmed the identity of its new bank. The company behind the eponymous tether stablecoin (USDT) has historically been reluctant to disclose its banking arrangements, for fear they might be jeopardized. It has now issued a statement, however, confirming that it is banking with Deltec Bank & Trust Ltd.

Also read: Digital Asset ATM Provider Coinsource Acquires Bitlicense

Tether Highlights Due Diligence by Deltec

The identity of Tether’s new bank, Bahamas-based Deltec, has been public knowledge for a number of weeks. On Nov. 1, Tether released a statement to confirm its banking relationship with the 72-year-old financial institution. The statement emphasized Deltec and Tether’s commitment to compliance and transparency, in a bid to stave off the sort of criticism that has been leveled against the company.

“The acceptance of Tether Ltd. as a client of Deltec came after their due diligence review,” read the announcement. “This included, notably, an analysis of our compliance processes, policies and procedures; a full background check of the shareholders, ultimate beneficiaries and officers of our company; and assessments of our ability to maintain the USD-peg at any moment and our treasury management policies.”

Tether continued:

This process of due diligence was conducted over a period of several months and garnered positive results, which led to the opening of our bank account with this institution. Deltec reviews our company on an ongoing basis.

One word that was conspicuously absent from Tether’s statement was “audit,” something that a tranche of the cryptocurrency community has been requesting for months. Such an undertaking, should it ever occur, would need to be handled by a specialist third party and is not a duty that Deltec could perform.

Tether Insists Cash Deposits Will Cover All USDT

In addition to confirming its banking relationship, Tether provided a copy of a letter from Deltec dated Nov. 1 stating that its cash on hand stands at $1,831,322,828. If accurate, these holdings would cover the $1.76 billion of USDT in circulation. While some commenters poked fun at the rudimentary nature of the signature on the document, the majority seemed relieved to see prima-facie evidence to suggest that all USDT in circulation are backed by a U.S. dollar.

What are your thoughts on Tether’s statement? Let us know in the comments section below.

Images courtesy of Shutterstock.

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The post Tether Confirms New Bank and Claims to Have $1.8 Billion in Cash appeared first on Bitcoin News.

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Tether (USDT) на Currencies.ru

$ 1.0003 (+0.02%)
Объем 24H $36.382b
Изменеия 24h: -0.02 %, 7d: 0.07 %
Cегодня L: $1 - H: $1.0007
Капитализация $111.47b Rank 3
Цена в час новости $ 0.9923 (0.81%)

bank tether new claims confirms ltd banking

Источник: news.bitcoin.com

bank tether → Результатов: 89


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Глава Deltec Bank подтвердил партнерство с Tether

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2018-11-6 22:59


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2018-11-1 20:44


Tether рассказала о банке-партнере. Deltec работает на рынке больше 70 лет

Блокчейн-стартап Tether, выпускающий одноименную криптовалюту, рассказал о банковском партнерстве. При этом сделал это впервые. Речь идет о Deltec Bank&Trust Limited, расположенном на Багамских островах и работающем на рынке больше 70 лет.

2018-11-2 20:39


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СМИ сообщили о новых банковских партнерах Bitfinex и Tether

По данным СМИ, у криптовалютной биржи Bitfinex и аффиллированного с ней блокчейн-стартапа Tether, разрабатывающего одноименную виртуальную валюту, появились новые банковские партнеры. Как сообщает The Block, Bitfinex заключила соглашение с гонконгским Bank of Communications, Tether — с Deltec Bank, базирующимся на Багамских островах.

2018-10-17 12:45


СМИ: биткоин-биржа Bitfinex нашла банковских партнеров в Гонконге, а Tether — на Багамах

Биткоин-биржа Bitfinex заключила партнерское соглашение с гонконгским Bank of Communications, частично принадлежащем финансовому конгломерату HSBC Holdings. Платежи будут проходить через частный счет компании Prosperity Revenue Merchandising Limited, сообщает The Block со ссылкой на осведомленные источники.

2018-10-17 11:09


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Exchanges Roundup: Tether, Bitfinex Drop Noble Bank, Bitmex Hires COO

In recent news pertaining to cryptocurrency exchanges, Noble Bank is looking to sell after reportedly losing Bitfinex and Tether as clients, Bitmex has announced the former compliance head of Hong Kong Exchanges and Clearing Limited as its new chief operating officer, and Huobi’s director of research into blockchain applications has discussed the company’s goals for […] The post Exchanges Roundup: Tether, Bitfinex Drop Noble Bank, Bitmex Hires COO appeared first on Bitcoin News.

2018-10-3 12:50


Фото:

Tether, Bitfinex Reportedly Deserting ‘Unprofitable’ Noble Bank

Noble Bank, the “non-fractional reserves” institution which was once the primary reserve bank for Tether (USDT), is facing competition from other banks amid claims it is “no longer profitable. ” Non-Fractional And Non-Profitable? As Bloomberg reports October 1, Noble, registered in Puerto Rico, is now seeking a buyer on the back of the back of lax revenues stemming from 2018’s prolonged cryptocurrency bear market.

2018-10-2 19:00


СМИ: обслуживающий Tether Noble Bank ищет покупателя

Обновление от 2 октября: Bloomberg со ссылкой на источник, знакомый с ситуацией, пишет о том, что Noble Bank может быть продан. Банк, который считают основным держателем активов криптовалюты Tether, находится в поисках покупателя.

2018-10-2 16:23


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