In Bitcoin We Trust. Clearly, the two sister companies of the group iFinex become more and more tied to the destiny of Bitcoin (BTC). In fact, the crypto exchange Bitfinex and issuer of stablecoins Tether invest in Bitcoin without hesitation and its ecosystem. The technical director (CTO) of these two companies, Paolo Ardoinoteaches us today a little more about their involvement in the universe of the king of cryptos.
Bitfinex reinvests its earnings in BTC technologies
We already knew since last May that Tether invests 15% of its profits in Bitcoinbut it seems that Bitfinexits sister company within the iFinex group, do the same. In any case, this is what an anonymous source quoted by the media The Block says on September 4, 2023.
“Bitfinex has historically retained a portion of its trading fee revenue in bitcoins. As a long-term commitment to the world’s first and largest cryptocurrency. »
Source having ” direct knowledge of the file” quoted by The Block
This claim was reinforced by a tweet (below) from Paolo Ardoino, CTO of Bitfinex (and Tether). The crypto-exchange would thus have returned to Bitcoin part of the significant income that the crypto generated for it, by investing in its technologies. The CTO cites in particular the second layer solution (layer 2) of Bitcoin which is the Lightning Network (NL).
“Cryptocurrency exchanges, which have benefited enormously from Bitcoin, should have a policy of reinvesting part of their profits into Bitcoin.
That’s what we do at Bitfinex.
[Dans le layer 2] Lightning Network, [le protocole] RGB, [la sidechain] LiquidNetwork, etc. »
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Tether prefers Bitcoin but continues to bet on the US dollar
The same Paolo Ardoino, this time speaking from the side of Tethertells us the strategy of the company issuing the famous USDT stablecoin. In addition to becoming the 11th biggest BTC expanderthe stablecoin provider
Tether’s CTO was reacting to a post from Wall Street Silver on X (Twitter). The latter referred to the fact that the China decreased by nearly $481 billion its positions in US debt (bonds). Paolo Ardoino reacted by pointing out that Tether had very large holdings of US Treasuries for establish stability of its USDT (which is, remember, a stablecoin of the US dollar, precisely).
” [À l’inverse de la Chine,] Tether increased its exposure to $72.5 billion in US Treasury bonds (US t bills), which makes it the 22nd largest buyer in the world, ahead of the United Arab Emirates, Mexico, Australia, Spain,… (…)”
In addition to Bitfinex and Tether companies’ investments in Bitcoin and its technologies, this second has also bet on BTC mining. Indeed, by creating Tether Energythe USDT issuer bets on the development of infrastructure producinggreen energiesfinanced through the creation of wealth linked to the mining of bitcoins.
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