By Staff Writer
In a first for the industry, USD stablecoin Tether can now be used to invest on crypto hedge fund BitSpread’s online crypto wealth management and trading platform, Blockchain Asset Review has learned.
The move is seen as a breakthrough for the nascent industry as it represents a leap for stablecoins to be used to invest in crypto asset strategies.
The stablecoin pegged to the greenback, Tether, can now be used to participate in innovative crypto strategies on BitSpread’s BlockBerry.com platform.
Cedric Jeanson, chief executive of the BitSpread Group, (pictured above) told Blockchain Asset Review that he is excited by the prospect of allowing investors to participate on BlockBerry directly in Tether.
“The BitSpread Group has been a pioneer in crypto investments since 2014 and has manufactured great readymade and bespoke investments strategies which are all accessible through BlockBerry.com,” he said.
This decision provides Tether users with opportunities beyond arbitrage between exchanges, said Giancarlo Devasini, CFO of BitFinex, the crypto exchange that owns Tether.
He added that the timing is propitious given the recent positive sentiment in the crypto markets and renewed interest in digital tokens.
BlockBerry Wealth Management provides access to cryptocurrency investment strategies for sophisticated investors such as institutions, family offices, wealth managers and high net worth individuals.
BlockBerry Trading is a tiered service platform that provides users with professional-quality cryptocurrency trading services such as ready-to-trade and bespoke algorithms, click-through trading and option pricing.
For a detailed Q&A with BitSpread, please see our past interview (here) with BitSpread CEO Jeanson.