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Tether Bank Deltec Announces ‘Big Position’ in Bitcoin

The Bahamas-based bank Deltec, which holds the assets of the stablecoin issuer Tether, has acquired a significant amount of bitcoin for its customers. This was stated by the investment director of the financial institution Hugo Rogers.

“We hold a large position in bitcoin,” Rogers said. “We bought a cryptocurrency for our clients for about $ 9300.”

According to him, the investment has brought very positive results in 2020. The Deltec CTO expects the cryptocurrency price to continue to rise in 2021 amid soft monetary policy by central banks.

Why Bitcoin is growing: fundamental reasons, opinions, forecasts

In October 2018, Tether began holding reserves at Deltec. Prior to this, the issuer of stablecoins was serviced by the American bank Wells Fargo. The reason for the change of the custodian was the blocking of transactions, which led to legal proceedings.

As a reminder, in the first week of this year, Tether increased USDT supply by a record $ 2 billion. The amount of USDT in circulation reached 24.4 billion.

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Fidenge Pecold

My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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