Tether [USDT], which has been quite active on the cryptocurrency charts due to the price changes, is no stranger to being in the news spotlight. Several reports have targeted the sixth largest cryptocurrency which has come under fire several times before mainly because of fraud claims.
In a research conducted by Bloomberg, the notion that Tether does not have the billions of dollars to make it a stablecoin seems to have changed. The new information that has come to light gives more details about the cryptocurrency’s foundation than what was available before.
One snippet of the research shows that on January 21, 2018, $2.2 billion was present in Tether’s holding account in Puerto Rico’s Noble Bank Limited, the same day when CoinMarketCap showed that 2.195 billion was in circulation. Bloomberg’s survey further stated:
“The numbers also match up in September and October 2017. Tether and Bitfinex, a cryptocurrency exchange, are owned by the same executives. The bank statements show money flows between the two after Bitfinex became the only way to buy or sell Tether last year, according to the people familiar with the matter.”
The information garnered by the survey did not elucidate a lot of details such as the origin of the money or its current address. Bloomberg revealed that the information about the funds was provided by individuals close to the company. The veil over the funds was also pointed out earlier by the Winklevoss twins when they had stated that Tether is an unlicensed issuer and does not disclose where the fiat currency is located.
Tether was also in the news recently when Bitfinex announced the addition of USDT/USD and EURT/EUR on their platform.
The announcement stated:
“All existing USD balances on Bitfinex will remain fiat and unaffected by this change. Any Tether deposits initiated before 14:30:00 UTC on the 27th of November will be credited to the user’s fiat wallet balances, whereas Tether deposits initiated after this cutoff time will be credited as Tether (USDT).”
As mentioned earlier, the recent report comes at a time when Tether has been bombarded with multiple attacks. In a news tied to Tether, Nexo, a company that provides crypto backed loans had stated:
“Nexo follows the situation around Tether (USDT) closely. We would like to assure all clients and investors that Nexo has never held significant amounts of Tether (USDT) on its balance sheet. We are soon adding support for more stablecoins.”
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Worldwide IEO leader ProBit Exchange raises $678,000 in BolttCoin IEO
On June 26, ProBit Exchange sold out all 800,000 BOLTT during Round 3 of Boltt Coin IEO to wrap up a perfect 3 for 3 with three consecutive IEO sellouts. The stellar results helped the health gamification blockchain project raise a stunning $678,000 as they continue to ramp up their social-health objectives centering around an incentive-based app that rewards users for undertaking physical challenges.
Amidst considerable hype by local and global investors, Round 1 completed almost instantaneously within just a second. A few hours later, Round 2 was launched and met with even greater demand as investors quickly claimed the increased allocation of 500,000 BOLTT in a matter of two seconds.
Within the span of just 3 seconds, ProBit Exchange managed to successfully raise $278,000 for Boltt Coin. The project had already generated major interest through significant partnerships with Kakao subsidiary Klaytn which has announced its upcoming mainnet release along with BCryptos, a Japanese blockchain investment firms backed by a top local VC.
The momentum carried over to the launch of Round 3, which went live June 26, resulting in a quick sellout of all 800,000 tokens and raising yet another eyebrow-raising $400,000 to wrap up a rare sold-out IEO trifecta.
The incredible achievement marks yet another standout IEO campaign throughout their 70+ total IEO rounds conducted so far. ProBit Exchange previously sold out 3 consecutive rounds for Spin Protocol back in March, raising over $500,000 behind the furious pace set from the getgo with $130,000 raised in round 1 in less than 3 minutes.
Ronald Chan, Director of Partnership for Probit Exchange shared that the ability for Probit Exchange to bring in foreign teams to Korea to raise hundreds of thousands is attributed to the track record of IEO on Probit as well as the extensive marketing that Probit Exchange does for IEO projects.
LINIX, Steemhunt, and CLINK are among other projects who saw their IEO campaigns quickly sell out to maximize their initial investments and secure considerable funding for further development.
A steady and increasing stream of projects continues to flock over to acquire the highly sought out IEO expertise of one of the top IEO platforms in the world, a significant achievement for the young exchange who has already rivaled the industry giants in just 7 months of operation.
About ProBit Exchange
ProBit Exchange has completed almost 60 rounds of IEO and has amassed a solidified reputation over a short 6-month span since the startup’s launch. They have conducted multiple rounds of sell-out IEOs and raised millions in the process while refraining from any form of wash volumes or misleading figures. Please visit the IEO page to view the simple, efficient user interface.
ProBit Exchange has also introduced new features such as an ongoing trade mining and stake mining beta service, PROB staking for users to earn discounted trading fees, a referral program that provides 10-20% in further transactions fee savings, as well as a newly released app available on Google Play.
IEO at ProBit Exchange
Many projects place their trust in ProBit Exchange’s IEO platform as we are a one-stop exchange for:
1) Fund-raising – Stellar fundraising track record including over $500,000 raised over three rounds for Spin Protocol, $53,000 in 6 seconds for LINIX, and $60,000 in 11 seconds for Steemhunt.
2) Listing – Instant liquidity against fiat and crypto pairings. Korean Won and USDT. Mild MM included
3) Marketing – Comprehensive services including marketers, marketing agencies, social media marketers and news agency on retainer. View a sample marketing campaign that we conduct for IEO.
Interested projects should fill up this form to start the due diligence process.
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