Bitfinex repays $100 million back to Tether, only $600 million to go now?

02 Jul, 2019 | Updated: 02 Jul, 2019
by Alberto Arnaldo
News
Bitfinex repays $100 million back to Tether, only $600 million to go now?

Via a post on their website, Bitfinex has just announced that it is making steps towards repaying the loan that it took from “sister” firm Tether.

According to Bitfinex, they are now ahead of payment schedule, given that the latest amount of fiat wired to Tether’s bank account was not due yet, but the exchange decided to proceed with it given its financial position for the second quarter of 2019.

The whole financial Tetris got started back in April, when Bitfinex borrowed about $700 million from Tether, which would receive a “fair” interest rate in exchange for the loan, backed by 60 million shares of Bitfinex which were pledged as collateral.

As some commenters are hinting, it appears reasonable to think that the improved financial situation of Bitfinex has been mostly enabled by the ICO of LEO, the exchange’s token which raised about $1 billion in recent dates.

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