ShapeShift Instant Crypto Exchange Adds Tether (USDT) Amidst Criticism of Stablecoin Transparency
Tether (USDT) Gains Support From ShapeShift Amidst Criticism From Users
ShapeShift, which is ones of the only asset exchanges in the whole world, has recently announced that it would support Tether (USDT), the 8th largest crypto by market cap, known for being the most popular “stablecoin” in the market.
The company made the announcement on Twitter and stated that now Tether will be available for purchase at the platform along with dozens of other digital assets.
Tether is full of controversies, though. The main idea is that the token is pegged 1:1 to the U. S. dollar (USD), which can eliminate the risks of volatility that are so common to cryptocurrencies. However, Tether has been accused more than once of making false claims about the quantity of USD that the company has and that it is fooling the users.
The team has more than once dispelled the allegations but they surface again from time to time as there is no public record of how much money the company has and their whole system lacks transparency.
Users Criticize the Decision
Some people on social media criticized the decision of the company. One person named Matt Crane has affirmed that it was not a good idea and that the company was desperate while “es Kay”, a Twitter user has affirmed that it was a “wrong move” and that the company “should know better”.
However, some other users were more positive. The main issue was that the price of the Tether could be affected if is traded on the exchange, which could cause volatility in this token, which is one of the only ones to be immune to it so far.
ShapeShift has been appearing in the news a lot lately, mostly due to several reasons that include the introduction of a Know Your Customer system and that Prism, their new child company, would be shut down.
Prism is a software created by ShapeShift that lets the users access their portfolios pf digital assets in a seamless way. The company has said that the clients should shut down their accounts until October 11, when the platform will be shut for good. There are rumors that Prism is shutting down because of another platform that uses the same underlying concept is about to be launched.
ShapeShift has also introduced a new loyalty program to their main platform recently, the ShapeShift Membership. Participation in this new program will be mandatory in the future. Not everything is well, though, as the company has been often criticized by capitalizing on the personal data of its users and they would have to give even more information to use the membership program.