The company was successful in the past with their releases of Origin (sharing economy platform), Props (live-streaming), Blockstack (decentralized web protocol) and Filecoin (token for cloud storage).
However, they are probably best known for the stablecoin TrueUSD, which is looking to take over for Tether (USDT) as the most widely used USD-pegged coin. Through TrustToken, the company hopes to create similar stablecoins pegged to the Euro and Yen.
Tether Appoints New CCO
Leonardo Real will head up Tether’s push to clean up their reputation. The USD-pegged cryptocurrency has consistently taken flack for uncertain business practices and even being accused of directly inflating the price of Bitcoin.
Leonardo Real was the AML Quality Control Manager at the Bank of Montreal, but has officially accepted the position with Tether as Chief Compliance Officer (CCO). He is self-proclaimed longtime advocate of blockchain technology, and hopes to bring his passion for the industry to help Tether showcase a commitment to transparency and regulatory compliance.
IBM Developing Stablecoin
IBM already uses the technology from Stellar (XLM) for internal payment processing. However, the company now announced it will partner with Stronghold USD “to experiment with ways for financial institutions and other organizations to achieve faster, safer and more efficient transaction processing and money transfer throughout the world’s economy.”
Task Force for Digital Currency Fraud Established
The American Department of Justice (DOJ) was given an executive order by President Trump to establish a “Task Force on Market Integrity and Consumer Fraud.” The group will replace the “Financial Fraud Enforcement Task Force” established under Obama.
The group will cover fraud “on the government, the financial markets, and consumers, including cyber-fraud …securities and commodities fraud, as well as other corporate fraud, with particular attention to fraud affecting the general public; digital currency fraud; money laundering, including the recovery of proceeds; health care fraud; tax fraud; and other financial crimes.”
Any further investigation into the relationship of Bitcoin’s price and Tether will likely be processed by this new task force.
Trading Bitcoin is too complicated?
We highly recommend our Crypto-Starter-Kit to you!
Follow us on Social Media and subscribe to our free crypto newsletter!
Diskutiere mit uns!
This post may contain promotional links that help us fund the site. When you click on the links, we receive a commission - but the prices do not change for you! :)
Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.
Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future.
You might also like
More from ICO News
In this article, we explain the differences between Initial Coin Offering (ICO) and Security Token Offerings (STO). As the cryptocurrency …
Ledger, a cryptocurrency wallet provider has encountered a data breach. The official Twitter account of the hardware wallet tweeted that …
According to a new court judgment, China police have seized crypto assets worth more than $4.2 billion from the PlusToken Ponzi …