Tether’s integration with Poloniex allows its customers to transact with fiat currencies across the exchange and blockchain without the volatility concerns related to Bitcoin or altcoins.
Tether is a platform that permits deposited US dollars to be converted into 1-to-1 backed tetherUSD and held in online or offline wallets. Soon the platform will accept Euros, Japanese yen and other fiat currencies.
Poloniex CEO and Founder Tristan D’Agosta stated
Tether’s growing adoption and careful attention to legal compliance have made it the leader in solutions for fiat on the blockchain.
Commenting on Tether’s integration with Poloniex, Reeve Collins, co-founder and CEO of Tether, said,
Our continual integrations with exchanges are evidence of Tether’s growing acceptance among the cryptocurrency community. Being traded on additional exchanges provides more outlets for users of Tether as we move forward with bringing digital currency to the masses.
Currently in private beta, each Tether token 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.
Founded in January 2014, Poloniex is a major cryptocurrency exchange offering over 120 altcoins for trading.
In January, US bitcoin exchange Bitfinex integrated Tether into its exchange system.