Tether and Factom have announced a partnership, each to further the business development goals of the other through its application of Bitcoin technology.
Tether is a startup aiming to use the blockchain to represent fiat currency and carry out transfers. One unit of its “tether” currency is worth one dollar. It says that its units are redeemable at any time. It also says to have plans for a robust regimen of transparency, audits and compliance.
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Bitfinex, a major USD-based Bitcoin exchange, announced in January that it will be using Tether to power blockchain-based fiat transfers.
Factom is a startup that uses the blockchain to secure and timestamp documents and verify other business processes. Tether will be leveraging Factom’s technology to provide transparency into its processes, using Factom’s capabilities to provide a verifiable audit trail decentralized from the trust of any single party.
Factom said it will be using Tether’s technology for its “asset allocation strategy”, saying that further details will be announced in the coming weeks.