Tether ‘Didn’t Do a Great Job on Transparency,’ Claims Investor Mike Novogratz

Neutral Tether ‘Didn’t Do a Great Job on Transparency,’ Claims Investor Mike Novogratz

Stablecoin Tether (USDT) should create more "transparency" about its operations, cryptocurrency investor and entrepreneur Michael Novogratz told Bloomberg Oct. 18.

Speaking in an interview, Novogratz, whose Galaxy Digital investment company is active in the cryptocurrency space, said he favored alternative stablecoins pegged to the U.S. dollar with known U.S. banking connections.

"I think Tether didn't do a great job in terms of creating transparency," he told the publication discussing Tether's offshore activities.

"The concept of stablecoins makes sense," Novogratz nonetheless countered, singling out the Winklevoss twins' Gemini Dollar, which launched in September.

Tether has found itself at the source of controversy this week after volatility caused it to lose its long-time USD peg. At press time, USDT traded around $0.975, at one point dropping as low as $0.91.

The problems came while cryptocurrency exchange Bitfinex, the CEO of which is also CEO of Tether, faced insolvency rumors, which executives subsequently denied.

In the intervening period, large amounts of Bitfinex's USDT holdings have been transferred to Tether's Treasury, leading to fresh suspicions over the exchange's buoyancy.

Commenting on data from digital asset investment bankers Element Group Thursday, CNBC Cryptotrader host Ran Neuner concluded that Bitfinex had "lost a lot of customers."

According to the data, Binance is now the number two largest USDT holder, with fellow exchanges Poloniex and Huobi also owning more than Bitfinex.

10/19/2018 / 09:44:00 Source: cointelegraph

Altcoin | Tether | Michael Novogratz | Stablecoin | Banking | | USDT|Business|Trading|Altcoin
BTC
1 BTC=$3,263.62
XRP
1 XRP=$0.2924
ETH
1 ETH=$84.48
XUC
1 XUC=$2.21
EOS
1 EOS=$1.86
BCH
1 BCH=$79.48

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Latest comments:

4 min
Hey Sam, how is it going? But I must explain to you how all this mistaken idea of denouncing of a pleasure and praising pain was born
3 min
Pretty good. Doing my homework.. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because
2 min
Any chance to go out? To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage
2 min
.. Maybe 40-50 mins. I don't know exactly. On the other hand, we denounce with righteous indignation and dislike men who are so beguiled
1 min
Anyway sounds great! These cases are perfectly simple and easy to distinguish.