Tether May Be Holding Reserves At Bahamas-based Deltec Bank Amid Controversy

    Tether May Be Holding Reserves At Bahamas-based Deltec Bank

    Just last week BitcoinExchangeGuide had reported that Deltec Financial & Trust Services is reportedly being used by Bitfinex and Tether. Although, at that time, the reports were just rumors. Now, there is more evidence coming up that strengthens these talks.

    The banking relationship between Tether, the company behind the stablecoin of the same name, and Deltec Bank was struck in recent weeks. According to people familiar with the matter, some over-the-counter trading desks have expressed interest in opening an account with Deltec Bank in order redeem USDT directly.

    Earlier, Tether was banking with Puerto Rico’s Noble Bank but Noble Bank lost both Tether and Bitfinex as its client as it was on the brink of collapse. Famous Tether and Bitfinex critic Bitfinex’ed commented:

    Noble’s avoidance of fractional reserve banking had formed a central part of Tether’s claims its coins had full backing. They paint a picture of a cash-strapped company desperately looking for a new cash injection. The end result is that largely unfounded rumors of a Tether insolvency are now circulating the cryptocurrency ecosystem, stoked by vaguely irresponsible and highly speculative pieces that just repeat the same old sources in increasingly hysterical ways.

    In recent days, Tether’s price has crashed to 18-month low amid worries about Tether’s solvency as well as banking difficulties. Traders frequently leverage tether as a means of buying other digital currencies, and a decline in tether prices would likely point to these market participants fleeing the stablecoin. One exchange in particular that felt the impact of this sell-off in tether was Bitfinex, where the bitcoin price premium reached an all-time high of more than 11%. At the time of Press, Tether seems to have gained some ground on USD, with it now trading at $0.982.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Bitcoin Exchange Guide News Team
    B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    EOS Suffers “Major Outage” on Coinbase as Network Performance Issues Arise

    This month alone Coinbase suffered issues with EOS thrice, the exchange is still investigating the problem. Meanwhile, No blockchain is cartel resistant, but EOS’s the...

    New Jersey Introduces Bill For Crypto Firms To Obtain Licenses From State Authorities

    A New Jersey lawmaker introduces a bill to regulate the cryptocurrency and digital assets industry. The bill states each virtual asset company must obtain...

    Bitcoin Revolution Trader At It Again, Targets Professional Cycling Legend Peter Sagan

    Peter Sagan, a renowned cycling legend, has been the latest victim of the Bitcoin Revolution scam which uses the identity of worldwide stars to...

    Ripple’s Development Wing, Xpring, Is Financing A Project To Link XRP To Ethereum

    As per the market caps, ETH and XRP can be said to be two of the biggest cryptos in the world and now...

    Stellar (XLM) Price Analysis (February 22)

    • The cryptocurrency is in a bullish trend in the medium-term and ranging in the short-term outlook respectively. • Patience is required at this period. XLM/USD...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.