Tether and rhino.fi form strategic alliance to improve liquidity and enhance cross-chain crypto trading.
Tether, the company behind the famous stablecoin USDT, has announced a strategic alliance with rhino.fi, a platform formerly known as DeversiFi, which originally emerged from Ethfinex. The partnership aims to enhance the liquidity of rhino.fi’s bridging solution and marks a key step in the development of cross-chain transactions.
Background and evolution of the partnership
Rhino.fi’s origins can be traced back to Ethfinex, an entity closely associated with Tether and its parent company Digfinex. Ethfinex’s journey began with building a trustless exchange and later evolved into DeversiFi after a management buyout. Despite the change in structure, the connection between DeversiFi (now rhino.fi) and Bitfinex remains intact, often collaborating on various blockchain and cryptocurrency projects.
One notable collaboration is the integration of Tether tokens into DeversiFi’s layer 2 decentralized trading platform. This integration is a precursor to rhino.fi’s broader goal of facilitating seamless transactions across different tokens and multiple blockchain networks. The rebrand to rhino.fi represents the platform’s ambition to enable more comprehensive and efficient cross-chain transactions, including those involving Tether tokens.
Rhino.fi Enhances Cross-Chain Transactions with Tether
The strategic alliance between Tether and rhino.fi is expected to significantly enhance the liquidity of the latter platform. This enhancement is critical to rhino.fi's goal of providing efficient and accessible cross-chain transactions. Given the widespread use and acceptance of USDT in the cryptocurrency market, the presence of Tether's USDT on the platform will play a key role.
The partnership comes as Tether faces scrutiny after a United Nations report implicated USDT in a variety of illegal activities, including money laundering and a “pig-killing” scam in Southeast Asia. Despite these challenges, Tether remains a key player in the stablecoin market, and its new alliance with rhino.fi could further solidify its role in the evolving digital currency landscape.
Rhino.fi, under the leadership of William Harbourne, and through its links to Tether and Bitfinex via Christopher Harborne, majority shareholder in Tether parent company Digfinex, highlights the intertwined relationships within the cryptocurrency space. Christopher Harborne is known for his political involvement and financial contributions, having played a role in resolving banking challenges faced by Bitfinex and Tether in the past. #Tether #跨链