Tether Integrates With Cryptsy Exchange
HONG KONG, CHINA--(Marketwired - May 11, 2015) - Tether (www.tether.to), the first blockchain-enabled platform to allow traditional currency to be used like Bitcoin, today announced its integration with Cryptsy, ranked as the world's second most popular digital currency exchange by The Cryptocurrency Times. This news follows the recent announcements that Tether is also available on ShapeShift.io and GoCoin platforms.
"We're excited to have such an innovative and disruptive approach to digital currency integrated with our platform," said Paul Vernon, CEO at Project Investors, Inc., the company which manages Cryptsy. "Being able to connect the Blockchain to Tether's fiat-backed digital currency provides a level of stability and reassurance not previously seen in this sector."
Tether's integration with Cryptsy allows its customers to transact with fiat currencies across the exchange and blockchain without the volatility concerns related to Bitcoin or alt coins. Tether provides a secure platform that allows deposited US dollars (and soon euros, Japanese yen and other fiat currencies) to be tethered and converted into a 1-to-1 backed digital currency called tether USDT. This stable digital currency can be held in online, offline or mobile wallets and easily sent peer-to-peer.
"Cryptsy's integration of Tether into their popular exchange service is massively beneficial, not only for us but for the entire digital currency ecosystem," said Reeve Collins, co-founder and CEO of Tether. "We're thrilled to be able to extend our valued sense of stability and security to a new group of crypto-savvy consumers."
Currently in private beta, each tether is backed by its corresponding currency on deposit, 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 percent reserves at all times. The near-zero fees for creating and redeeming tethers and zero-fee transferability incentivizes rapid adoption and widespread use of digital currency.
Tether is disrupting the legacy financial system by offering a more modern approach to money. By introducing fiat currency -- digital cash -- to the Bitcoin blockchain, Tether makes a significant contribution to a more connected Bitcoin ecosystem by adding Bitcoin benefits, such as instant global transactions, to traditional currency and traditional currency benefits, such as price stability, to digital currency. With a commitment to full transparency and compliance, Tether is the most secure, fastest and lowest cost way to transact with money. For more information, please visit https://tether.to/
Cryptsy International is an Internet startup managed by Project Investors, Inc., focusing on the exchange of the crypto-currency commonly known as Bitcoin and its derivatives. It currently services more than 200 different types of crypto-currencies. The Cryptsy.com exchange opened on May 20, 2013, and since then has seen rapid growth in both its customer base and trade volume. It currently has over 270,000 registered users from all over the world, with a volume of 300,000 trades per day. Its mission is to provide a safe, simple and efficient environment for users to trade crypto-currencies with each other.
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