Tag: issuer
Uncertainty stands around multibillion USDC empire as issuer Circle held reserves at Silicon Valley Bank
While the startup world digests the shocking implosion of well-known financial institution Silicon Valley Bank, the fallout may extend to the crypto world as well. One stablecoin in particular, USDC, was known as of January 17 to have held some of its backing capital at SVB, funds that are likely now illiquid for several days. […]
Uncertainty stands around multibillion USDC empire as issuer Circle held reserves at Silicon Valley Bank by Jacquelyn Melinek originally published on TechCrunch
86% of Stablecoin Issuer Tether Was Controlled By 4 People As of 2018: WSJ
Tether began from separate companies led by ex-plastic surgeon Giancarlo Devasini and former child actor Brock Pierce. Devasini, who helped develop crypto exchange Bitfinex and is now its chief financial officer, owned about 43% of Tether in 2018, according to the documents seen by the Journal. Two other executives of both Bitfinex and Tether, CEO Jean-Louis van Der Velde and Chief Counsel Stuart Hoegner, each owned roughly 15% of Tether in 2018, the documents revealed. The fourth major owner as of 2018 was a businessman with British and Thai citizenship known as Christopher Harborne in the U.K. and Chakrit Sakunkrit in Thailand. He controlled about 13% of Tether. Together, the four men owned approximately 86% of Tether through their own holdings and another related company.
Read more of this story at Slashdot.