Daily Roundup: 4th August 2018 – Binance and FBI talk about Tether, Coinbase released new payment solution

Ex-FBI investigator talks about Tether audit

Louis Freeh, a former FBI director and co-founder of the law-firm Freeh, Sporkin & Sullivan (FSS). The company conducted a private audit of Tether in June. In its report, FSS stated that they are “Confident that Tether’s unencumbered assets exceed the balance of fully-backed USD Tethers in circulation as of June 1st, 2018.” Freeh declared that the controversial fact that Judge Eugene Sullivan who is a partner of FSS, as well as a member of the advisory board of Tether, did not play any role in the audit. As Eugene was not part of the audit. Furthermore, Freeh said that the audition was complicated as the crypto space is a whole new field and that the case sparked controversy in the firm whether a whole new sub-group dedicated to cryptocurrencies.

Binance founder Chengpen Zhao: Always concerned about Tether

Another influential person in the crypto space had something to say about Tether today. During a blockchain conference in Korea Zhao confessed that there is always concern about Tether. But he partially does understand why an open audit is difficult for Tether. If Tether would openly disclose their bank account(s), it is likely that these accounts would be shutdown. However, he does understand the concern and that is why Binance also offers other stable coins like True USD and others.

Coinbase offer major payment solution for millions of online merchants

Coinbase is currently on a heavy expanding course. The exchange hired Wall Street experts, is looking to lure instutional money into crypto and it launched a massive marketing campaign. Now Coinbase has come up with a major payment solution aimed at online merchants. The application, WooCommerce, is easy to use and is based on WordPress. This way it could already be used by 28% of all merchants without any problems. WooCommerce will support Bitcoin, Litecoin and other cryptocurrencies. It could prove attractive for merchants as the application does not charge them any transaction fees.