Tether Says Customers Can Once Again Deposit and Redeem Fiat
Tether Ltd., the issuer of a controversial tether stablecoin (USDT) aimed at freezing the US dollar, resumes checking accounts with new customers on Tuesday and allows customers to place tether Can be used.
"Tether can go back to its original vision of having a wallet that can be created and redeemed directly on its own platform without relying on a third party," said in a posting on the company's website. "With this update, I can withdraw the tether right away (1: 1) and get it soon."
In particular, withdrawals will incur a high level of at least $ 100,000 and a significant fee.
According to Tether's white paper, token holders say they can use the USDT directly in dollars, and this white paper states that the company has a one-to-one ratio in the bank account using the USDT token.
The question of Tether's approach to a stable bank partner and the lack of complete auditing promised by the company weakened the reputation of token reputation and dramatically broke the exchange rate once in dollars. Mid-October.
Tether currently has a financial deal with Deltec based in the Bahamas.
The redemption promised in the white paper ended after the security breach in November 2017. However, there was a limit on deposits and withdrawals since April 2017 when Wells Fargo did not offer courier banking services to Tether's Taiwanese bank partners.
While the transaction on the Tether website was suspended after being violated in November 2017, the company encouraged buyers to "use the services of one of the 12 global exchanges to purchase or dispose of Tethers in USD or other cryptocurrencies."
Since then, many customers have complained that they have waited weeks for their money, but customers were able to deposit the USDT into a Bitfinex exchange (shareholder and management overlapping to manage Tether Ltd. and its management) There was.
Some have relinquished the withdrawal and canceled the USDT, moving it to another exchange, such as Kraken, which offers USDT-USD trading pairs. Bitfinex announced a new fee for large or frequently billed withdrawals as a result of continued complaints from customers regarding delayed withdrawals.
Tether said the withdrawals and deposits would reach at least $ 100,000 and $ 100,000 USD respectively, according to a Tuesday announcement.
There is also a fee for depositing or withdrawing the platform from the platform. Depending on the amount of withdrawal, the fee varies from 3% to 0.4% (or $ 1,000 if it is higher). Customers can only withdraw illegal transactions once a week and will be charged a higher fee if they withdraw more than once a month.
The deposit fee is 0.1% regardless of size.
Bitfinex Trading Pairs
Bitfinex said on Tuesday that it had made a tether-related announcement that customers would be able to trade USDTs directly in dollars through trading pairs. EUR and EUR pair trading.
Bitfinex called this policy "Tether neutrality." This policy appears to allow the rate at which the USDT can be repaid through Bitfinex, depending on market conditions.
The transaction was fixed at 1 – 1 USDT since the exchange rate allowed only deposits and withdrawals, but Bitfinex will now offer a direct trade pair.
At all major exchanges, Tether's market value was the lowest in Kraken in mid-October and barely traded at $ 0.85.
Tether image through Shutterstock
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