US-based digital currency exchange Bitfinex is integrating Tether into its system. Tether claims to be the first real-world currency platform built on the bitcoin blockchain. The currency is allowing Bitfinex users to fund and withdraw money from US accounts without the aid of traditional banking institutions.
Tether is currently available on both the withdrawal and deposit pages of Bitfinex.
A spokesman for the exchange commented:
“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.”
CEO and co-founder of Bitfinex Reeve Collins spoke enthusiastically about Tether’s integration into the company’s platform, saying:
“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.”
CTO and co-founder of Tether Craig Sellars added to the mix, saying:
“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.”
