Tether (USD₮) is an asset-backed cryptocurrency stablecoin. Stablecoins are cryptocurrencies that try to ensure price stability and are tied to a reserve of assets.
Tether: A solution to the rising inflation
It’s no longer news the rate at which inflation is rocking major countries in Africa, and there are a lot of stories as a result of this. While some seem unbothered about the inflation situation, some Individuals and business owners are in debt and running at a serious loss because of this.
Now here is the difference between these classes of people. Over the years, some have become smarter and understood the importance of saving in foreign currencies; it saves you from inflation and makes cross-border payment seamless.
The other set of people, as much as they want to change, are not aware of the possibility of these foreign currency opportunities. At the same time, some are drained with the thought of going through the stress of opening a foreign currency account in Africa, talking about having to meet the necessary requirement, having the requested document from the bank, standing in the long queue to open a dollar account or even access funds.
There was a recent update where travellers were stranded because some banks said they did not have dollars to give.
With this rise of inflation and people looking for an alternative source to preserve their wealth, this new update is an easily accessible method that would help preserve wealth and make life easier, even for people new to the crypto space.
The platform for the people
Bitfinex is a cryptocurrency trading platform and, moreover, a portal to the crypto world for ordinary people. Founded in 2012, Bitfinex is a digital asset trading platform offering state-of-the-art services for digital currency traders and global liquidity providers. Bitfinex has always been at the forefront of technological innovation in digital asset trading.
Bitfinex is known for prioritising and making things easier for their customers hence the roll-out, which means Bitfinex made it possible for customers with the Basic Plus verification to be able to deposit, trade, and withdraw USDt, along with Tether Euro (EURt), Tether offshore renminbi (CNHt), Tether Mexican Peso (MXNt) and Tether Gold (XAUt).
Read also: Tokenomics: All you need to know and why you should pay attention.
Now, remember opening a dollar account is one thing, but having the luxury of access to transact in different currencies in just a simple step is what Bitfinex is offering. The Basic Plus verification process requires an official photo ID, biometric photo (selfie), phone number, and address. No referrals are required, there will be no back and forth with bank errands, and no hidden charges apply.
According to Paolo Ardoino, CTO of Bitfinex, “This rollout forms part of Bitfinex’s mission to increase financial inclusion and promote greater levels of financial freedom,” As the scourge of inflation afflicts more countries across the globe, there is undoubtedly growing demand for access to a digital token that can enable people to help protect their wealth.”
Tether token USDt is a strong stablecoin, and it’s growing in popularity as a means of payment, and as a form of remittance, particularly in Emerging Markets and economies blighted by escalating inflation levels. This new update would make it available to everyone.
Final thoughts
If you ever needed a sign to lose yourself off the woes of financial tribulations in times of inflation, now this is the sign you have been waiting for In addition to a suite of advanced trading features and charting tools, Bitfinex provides access to peer-to-peer financing, an OTC market, and financed trading for a wide selection of digital assets. Bitfinex’s strategy focuses on providing unparalleled support, tools, and innovation for professional traders and liquidity providers worldwide. Visit www.bitfinex.com to learn more.
As the scourge of inflation afflicts more countries across the globe, there is undoubtedly growing demand for access to a digital token that can enable people to help protect their wealth. This rollout forms part of Bitfinex’s mission to increase financial inclusion and promote greater levels of financial freedom,”
Paolo Ardoino, CTO of Bitfinex
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