Tether, the first real-world currency platform built on the Bitcoin blockchain and currently in private beta, today announced its first live integration with Bitfinex, the leading US Dollar digital currency exchange.
For the first time, verified exchange clients can fund accounts and withdraw US Dollar balances directly and securely without using traditional financial institutions.
Tether Co-Founder and CEO Reeve Collins stated, "This integration with Bitfinex is the first step into a world where traditional currencies move like bitcoins. Dollars have now inherited the portability benefits of cryptocurrency."
Tether aims to accelerate the adoption of blockchain technologies by enabling individuals to use the currencies with which they are familiar on a robust, decentralized network. Users of Tether leverage a secure platform that allows deposited US Dollars (and soon Euros, Japanese Yen and others) to be converted into Tether currency on a 1-to-1 basis and held in their online or offline wallet.
A spokesperson for Bitfinex said, "We see Tether as a significant optimization for the problems that plague bitcoin traders and exchanges when interfacing with the traditional banking system. We proudly support Tether and encourage other exchanges, OTC traders, and arbitrageurs to also use Tether. We believe that widespread adoption of a secure Blockchain-compatible 'crypto-dollar' will lead to better price discovery, market transparency and liquidity."
A new financial platform for the Bitcoin ecosystem
Each Tether is backed 1-to-1 by its corresponding currency, which can be viewed and verified in real-time via the Tether.to website and on the Blockchain. Tether will be fully transparent and audited to demonstrate 100% reserves at all times. The near-zero fees for creating and redeeming tethers, and zero-fee transfer ability incentivizes rapid adoption and widespread use.
Craig Sellars, Tether Co-Founder and CTO added, "We built Tether as a non-competitive technology platform to enhance the features of all Blockchain companies by focusing on one premise -- to provide access to fiat currency on the Blockchain. A simple integration with Tether enables a new foundational layer on Bitcoin and offers a powerful utility for everyone in the ecosystem."