Tether, the stablecoin giant, has reportedly partnered with a privately held Bahamas-based bank called Britannia Bank & Trust. This move allows Tether to provide banking services to its clients by guiding them to transfer funds to the bank’s Bahamian account number. This partnership comes at a time when cryptocurrency firms in the U.S. are finding it challenging to secure banking affiliations, especially after the recent downfall of three major U.S. banks. Tether and Britannia have declined to comment on this matter.
Key points:
1. Tether has partnered with Britannia Bank & Trust for banking services.
2. The partnership allows Tether’s clients to transfer funds to the bank’s Bahamian account.
3. Cryptocurrency firms in the U.S. are facing difficulties in securing banking affiliations.
4. Tether and Britannia have not provided any comments regarding this partnership.
5. Tether recently announced that it will no longer support Omni Layer, Bitcoin Cash, and Kusama blockchains.
Hot Take: Tether’s partnership with Britannia Bank & Trust provides a solution for its clients to access banking services. This move also highlights the challenges faced by cryptocurrency firms in securing banking affiliations in the U.S. The decision to cease support for certain blockchains further signifies Tether’s focus on streamlining its operations.
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