Tech

Tether: The Coin That Can Destroy Cryptocurrencies


Even by the often bizarre standards of cryptocurrencies, Tether has an exceptional history. The company was founded in 2014 by Brock Pierce, a cryptocurrency evangelist who, as a child actor, starred in the films “Mighty Ducks”. He and his partner, Reeve Collins, later gave control of the company to a former plastic surgeon named Giancarlo Devasini, who kept some of Tether’s assets in a bank in the Bahamas due to one of the creators of the cartoon “Gadget Inspector” executive.

Tether has grown rapidly. Last year, it issued around 50 billion stablecoins, tripling the worldwide supply. “If we had to change to the last penny, we could do it,” Ardoino said in the interview.

The company is run by about 50 employees in Europe, Asia and Latin America. Its CEO, JL van der Velde, is a Dutch businessman with LinkedIn Profile suggests that he is based in Hong Kong; The company declined to confirm his location. He and Mr. Devasini, the chief executive officer, rarely speak publicly. The public face of Tether is Mr. Ardoino, who describes his colleagues as “ordinary people” marveling at the company’s growth.

“At first they didn’t think it could be that big,” Mr Ardoino said. “They are not prepared to be public figures. There’s nothing bad about it. ”

Sometimes, Tether insists that their stablecoins are backed entirely in US dollars. But last year, the attorney general of New York, Letitia James, Is called those claims are “a lie.”

A few years earlier, a crypto exchange affiliated with Tether lost $850 million in a business deal that went bad. To cover the losses, the exchange, Bitfinex, borrowed from Tether’s reserves, leaving a portion of the stablecoin unsupported, According to the investigation of Ms. James.



Source link

news7f

News7F: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button