BitMEX Releases Data On Puerto Rico Financial Data On Tether
BitMEX releases research pieces for blockchain companies on its blog. Today, the company has released a new study on Tether. The study takes into account the financial information provided by Puerto Rican financial regulators for the first quarter of 2018. The study is an update on another study on Tether which was done recently.
BitMEX’s First Study Was Mostly Correct
The second study made by the company proved that much of the speculation done priorly by the company was, indeed, correct. As stated in the first study, the Noble Bank in Puerto Rico is the primary reserve bank for Tether. The site uses a Bloomberg article to prove these claims.
According to BitMEX Research, the first study had a high degree of speculation because there wasn’t enough official data at the time but now the government of Puerto Rico has decided to open its information about the first quarter of the year and most of the old predictions were correct.
New Financial Data
The new data gathered by the company shows that bank deposits in the International Financial Entities (IFE) include the Noble Bank and were $3.5 billion USD in the first quarter. The complete assets in this category were up to $4.1 billion USD.
This shows a moderate growth on the company, which correlates to an increase in volume in the market at that time. The value of Tether issues was increased by 62.7% in this phase. Another data highlighted by the study is that cash as a percentage of total assets, which can act as an indication of the full reserves of the bank, increased in the quarter as well.