Tether purchasing bank in Puerto Rico?

docmastery (62)in #news • 6 years ago (edited)

In a report Tether the publisher of USDT, are now moving their banking to Puerto Rico since the previous bank they are working with doesn't want to work with them anymore.

Prouty said,
"The bank they were working with did not want to continue working with them with that kind of responsibility. This has necessitated the purchase of a bank that requires an infusion of capital from a sovereign wealth fund to create an initial reserve. They will start banking with crypto soon."

Read the full article in the link below.

http://archive.is/HgmXd#selection-3377.48-3377.54

Up to now, Tether.io the publisher of USDT haven't yet made any public audit to show everyone that they have "the money for every tether they have published". They claim to have "a bank" that holds all the USD that can support USDT. Currently there are 2,217,140,814 USDT circulating in the market but no public audit has yet made to show any proof that a single USD exists.

https://coinmarketcap.com/currencies/tether/

I can't blame Tether since they don't have anything to show anyway. They wanted to use Puerto Rico as their safe haven when it comes to Business corruption. If you look at the market cap of Tether how are they suppose to transfer all that money since the bank their working with doesn't want to work with them anymore? The real question is "Was there a real Bank?"

If you wanted a real cryptocurrency for margin trading. There's a safer asset that's available in the market, bitUSD a dollar pegged asset backed by Bitshares for atleast 1.75 of it's value.