Tether Says Goodbye To Its Auditor, Not In The News For Weeks
It is not always a norm for a week to start and end without reading a news piece about Tether. But now, it seems that if you want to hear something great about Tether, you will wait. Is this the nature of cryptocurrency business? Stories going around the web indicate that Tether said goodbye to its auditor. If there is a reason to believe these stories, then we can see who was making the company appear on the news. It is easy to say that after his ‘auditing’ the world would then be told about how Tether is a stable coin. But now that the auditor is not in the light, Tether together with its acolyte Bitfinex is facing lots of challenges.
What Happened With The Tether Altcoin?
For many weeks, cryptocurrency investors and fanatics have been kept waiting. They are now shocked to learn in the last minute that the company’s auditor Friedman LLP is no longer on stage. There are so many stories out there about tethers. Still, there might be people who have not had them. Nonetheless, the story might be retold again. Tethers or tokens that have a fixed value of $1 are widely used in the world. Those who use these tethers know that they are using it as a surrogate fiat currency. It is for this reason that many people who have digital coin wallets use or realize it. Besides, cryptocurrency exchanges use ropes even more.
One Teather Token Does Not Allways Equal 1 USD
What funny is that although Tether is not in the news for some time, most people do not worry. It doesn’t bother many people. Clients and those interested do not have a problem when they hear that Tether and Bitfinex are not in the news. They do not worry because they believe that these two are controlling a major part of the stake. Clients also know that the company is profitable whether the auditor is on board or not.
Recent reports show that cryptocurrency companies and exchanges are filthy rich. In a recent end-year report, it emerged that Coinbase.com records $1 billion of revenue each year. Binance is also raking over $300 million. On the other hand, Coincheck, a Japan-based exchange, is compensating some $400 million NEM.
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Be Careful With Tether Digital Tokens
What does this mean? It shows that digital currency platforms still hold a lot of money. These companies can repay their clients even if you lose money in one way or another. But it is time cryptocurrency companies to ensure they have the trust of their clients.
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