A breakthrough? Tether has a new bank based in the Bahamas

rope announced Today the company opened a $ 1.8 billion bank account in the Commonwealth of The Bahamas with Deltec Bank & Trust Limited.

According to Tether who has one long history of scandalsas well as a variety of recent negative events – The bank accepted the company as a customer after a successful due diligence review of the stablecoin issuer.

Tether stated that the financial institution review included an analysis of the company’s compliance processes, policies and procedures, a full background review of the company’s shareholders, beneficiaries and officers, and assessments of Tether’s treasury management policies and capability also included Keep the USD peg at all times.

In addition, Deltec, who will keep the stablecoin issuer under review, carried out its due diligence process over a period of several months. According to Tether, the Bahamas-based financial institution identified the results as positive and allowed the company to set up a bank account.

Tether also published a letter from Deltec, in which the bank stated that it has confirmed that Tether had approximately $ 1.8 billion in its account as of October 31, 2018. Check the tether straps Transparency pageThe reserves are equal to the total USDT that is in circulation.

Tether’s bank account was first reported by The block Two weeks ago, the stablecoin issuer said they opened an account with the Bahamas-based bank a few weeks before the article was published. Previously, both Tether and Bitfinex had done banking at Noble Bank in Puerto Rico. Soon after, however, the parties broke contracts with each other.

Earlier this month, the price for Tethers has USDT tokens crashedAs a result, the valuation of the cryptocurrency drops to just $ 0.95. After Tether burned $ 500 million tokens, the stablecoin price has since rebounded to nearly $ 1.

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