Bitfinex is pleased to announce the availability of Tether as a withdrawal and deposit method for our verified clients.
Verified users now have an additional “Tether” funding option, along with “Crypto-Currencies” and “Wire Transfer” on the Deposit and Withdraw pages. Tether is a Bitcoin-compatible token which represents one dollar, and can be held in any Tether-enabled Bitcoin wallet (Omni Wallet or Tether.to). Tether tokens can be deposited and traded for other tokens at exchanges that support Tether. Tethers can also be withdrawn and held in any Bitcoin wallet where you control the private key, including offline and paper wallets, allowing users to hold their US Dollar balances in a cryptographically secure manner, just like bitcoins.
Each Tether is backed 1-to-1 by its corresponding currency, which can be viewed and verified in real-time via the Tether.to website and on the Blockchain. Tether will be fully transparent and audited to demonstrate 100% reserves at all times.
We see Tether as a significant optimization for the problems that plague bitcoin traders and exchanges when interfacing with the traditional banking system. We proudly support Tether and encourage other exchanges, OTC traders, and arbitrageurs to also use Tether. We believe that widespread adoption of a secure Blockchain-compatible ‘crypto-dollar’ will lead to better price discovery, market transparency and liquidity.
More information is available at https://tether.to and the press release can be read here