Top Cryptocurrencies

Tether coin Ltd reopens fiat redemption directly from its website

Tether coin ltd – The company behind the tether stable value coin, Tether coin Ltd, has today indicated that it has reopened fiat redemption directly from its website.

Additionally, the company has also re-activated the registration and verification of new customers on the platform.

“Today marks an important step in Tether’s journey, as we launch a redesigned platform allowing for the verification of new customers and direct redemption of Tether to fiat,” read a post on Tether’s website. The company will equate the ratio of fiat to tether (USDT) to 1:1. To qualify for a withdrawal, Tether coin Ltd will require a minimum of 100,000 U.S dollars.

The company noted that due to the rise and adoption of virtual currencies, USDT adoption also grew to unexpected highs resulting in the closure of direct redemption from its website. At this point, the company partnered with Bitfinex which was secure and strong to handle ‘a larger volume of customers.’

“Now, thanks to stronger banking as a result of our new relationship with Deltec, Tether is able to return to its original vision of having a wallet for creating and redeeming directly on its own platform without having to rely on a third party. This update allows the immediate withdrawal of tether to fiat (1:1), with the ability to acquire coming soon,” noted Tether coin Ltd.

However, the withdrawal fees range from a minimum of 0.4 percent to 3 percent.

In the past, Tether has been surrounded with questions of a stable banking partner plus increased concerns of whether its bank reserves preserve the 1:1 ratio. The two factors have negatively affected the coin’s trust among its adopters.

Under the new system, Tether will allow only one withdrawal request per week with withdrawal fees increasing depending on the number of withdrawals per month.

Do you think allowing fiat redemption directly from its website will raise its adoption levels?

Let us know your thoughts in the comments section below.

coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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