What is Tether? Tether is a cryptocurrency token claimed by its creators to be backed by one dollar for each token issued. This claim isShow more [+] widely doubted and Tether Limited has not issued a promised audit backing the claim. Subpoenas from the U.S. Commodity Futures Trading Commission were sent to Tether on December 6, 2017.
A spokesperson for Bitfinex and Tether has said that the CEO of both firms is Jan Ludovicus van der Velde.
Tether was issued on the Bitcoin blockchain through the Omni Layer Protocol. Tether claims that each unit of Tether is backed by one United States dollar held in reserve by Tether Limited, and may be redeemed through the Tether Platform. The primary objective is to facilitate transactions between cryptocurrency exchanges with a rate fixed to the United States dollar allowing traders to take advantage of high speed arbitrage opportunities without resorting to slow bank wires. As of February 2018, Tether is ranked around the 15th highest market cap cryptocurrency in the world, with a market cap around $2 billions United States dollars as of 5 February 2018.
Cryptocurrency News: This Week on Bitfinex, Tether, Coinbase, & More
On the whole, cryptocurrency prices are down from our previous report on cryptos, with the market slipping on news of an exchange being hacked and a report about Bitcoin manipulation.
However, there have been two bright spots: 1) an official from the U.S. Securities and Exchange Commission (SEC) said that Ethereum is not a security, and 2) Coinbase is expanding its selection of tokens.
Let's start with the good news.
SEC Says ETH Is Not a Security
Investors have some reason to cheer this week. A high-ranking SEC official told attendees of the the Yahoo! All Markets Summit: Crypto that Ethereum and Bitcoin are not.
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