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Tether, Bitfinex, Hypercore join hands to launch encrypted P2P apps

Tether, Bitfinex, Hypercore join hands to launch encrypted P2P apps

In line with the slogan “bear market is for building”, crypto exchange Bitfinex, together with Tether (USDT) and Hypercore, announced the launch of Holepunch, a fully encrypted platform for building peer-to-peer applications.

As part of the initiative, the trio launched Keet, an encrypted app capable of facilitating real-time audio and video calls, text chat and file sharing.

The partners aim to provide control over data while breaking technology monopolies with Holepunch, according to the announcement.

Tether and Bitfinex funded the development of the Holepunch platform.

Paolo Ardoino, CTO of Tether and Bitfinex, will lead the new initiative as Chief Strategy Officer.

Ardoino, on behalf of Tether and Bitfinex, emphasized the need to address growing privacy concerns, stating:

“It [Tether and Bitfinex] believe that freedom of choice, communication and finance are the lifeblood of the future, and anything that enhances these freedoms is worth enhancing.”

Holepunch currently operates as a closed source protocol in its alpha or preliminary phase, which will be converted to open source by the end of 2022.

Meanwhile, Holepunch will not use blockchain technology at its core and will instead switch to an internal payment API using Lightning Network technology.

Developers building solutions on the Holepunch protocol will be able to use USDT as the default for micropayments.

However, the company has not yet announced support for other cryptocurrencies and stablecoins.

Blockchain-based platforms Metaverse and Web3 have come together to form the Open Metaverse Alliance for Web3 (OMA3), an alliance built on four core principles – transparency, inclusiveness, decentralization and democratization.

As reported by Cointelegraph, the alliance will focus its efforts on specific topics related to the metaversion, which include setting standards for non-fungible tokens (NFTs), protocols, portable identity, portals between virtual worlds, mapping and indexing.

Tether CTO confirms hedge funds tried to short USDT

Paolo Ardoino, CTO of Tether, confirmed today that hedge funds have been trying to short the USDT stablecoin.

Tether, Bitfinex, Hypercore join hands to launch encrypted P2P apps
Tether, Bitfinex, Hypercore join hands to launch encrypted P2P apps

Tether, Bitfinex, Hypercore join hands to launch encrypted P2P apps

CTO Says Funds Failed to Short Tether

On June 27, Ardoino wrote that he was “open minded about … attempts by some hedge funds” to short Tether (USDT).

He explained that these hedge funds sought to achieve their goal by using perpetual contracts, short selling in spot markets and creating imbalances in DeFi pools.

If these efforts were successful, Ardoino says, these hedge funds would create billions of dollars worth of pressure before buying back USDT at a significantly lower price.

Having failed to destabilize Tether, Ardoino says these entities will have to buy back the Tether they borrowed at the correct $1.00 coin value or face bankruptcy.

Ardoino argued that this month’s liquidity crisis shows that lenders and hedge funds are “taking risks that Tether has never touched with a ten-meter pole.” Although Ardoino did not name any companies, Celsius and Three Arrows Capital face insolvency over unrelated high-risk investment strategies.

In contrast, Tether successfully redeemed $16 billion in full value in more than one month, Ardoino said.

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