Bitcoin, Crypto currency, Blockchain

Bitfinex opened an account, in the case of the Dutch ING Groep NV

c5eef7ed5ab481d57f2d219cbf7eec2c - Bitfinex opened an account, in the case of the Dutch ING Groep NV

The cryptocurrency exchange Bitfinex at the end of last and beginning of this year, often with negative headlines in the spotlight. In December of last year, the stock market of the us Commoditiy Futures Trading Commision was examined after a suspicion was that the financial deposits could not be the result of Fiat money in a Bank account covered. The collaboration with Wells Fargo & co. ended in March of 2017, so that Bitfinex had to find a new Partner.

As Bloomberg reported yesterday, has opened up the cryptocurrency exchange Bitfinex an account at the Dutch Bank ING. After last year ended, the Bank is Wells Fargo, the cooperation with Bitfinex, was the Exchange on the search for a new Partner to the stored assets to hedge on the stock market with Fiat money.

Harold Reusken, a spokesman for ING in Amsterdam, said that Bitfinex had a customer of the Bank. Nevertheless, he refused to give further statements and referred to banking secrecy for the protection of its customers. In an E-Mail he continues (free Translation):

Especially with all the companies that are active in the crypto market, we reserved for us.

This is not companies in the traditional markets and payments send using crypto-currencies or receive, but to companies which are active in the Ecosystem of the crypto world.

To this day, was not Bitfinex grow ready to open, with which banks ‘ cooperation was, and what financial institutions last year, money has flowed.

This message clearly shows that one of the largest international banks, is willing to work with the stock exchange Bitfinex to cooperate, although there is sharp criticism in the public space at Bitfinex.

We have already reported in the past about the close involvement of the stock exchange Bitfinex with the stable Cryptocurrency Tether. Supposedly Tether in a ratio of 1:1 is covered by a of dollars, which are deposited in various Bank accounts. This means, for example, 100 Tether units would have to be hedged on the stock exchange Bitfinex a 100 Dollar value in a Bank account.

After the market capitalization of Tether on 01. January 2017 amounted to 8 million euros, has grown to 1.8 billion euros. Thus, the company would have to be behind Tether currently in the possession of 1.8 billion euros. The extent to which it is tethered within a year it was possible to create this increase in the company’s reserves, is at least questionable.

Tether has tried according to the summons with the CFTC in order to transparency, and a page set up to show the current assets and Tether-classes. As a result, all investors will be given an Overview of the alleged hedging Tethers proves by a real Fiat money. The extent to which the listed Numbers actually correspond to the truth, but was reviewed up to now by any public body.

Bitfinex and Tether are managed by the same management team, so this is a target-oriented steering of the market in the desired direction would be possible. About 2.2 billion tether units and thus $ 2.2 billion, in total currently in circulation in the crypto markets.

Teunis Brosens, an Analyst for the crypto area at ING, criticized Bitcoin and crypto-currencies last month, sharply:

Every time the Bitcoin gained, then Tether gained too — it seemed that they were printed to support the rate of Bitcoin.

If Tether destabilizes, that will be the next blow for crypto.

The next few days and weeks will show in which direction the crypto market will move.

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