Bitfinex Repaid $100 Million to Tether on Oustanding Loan

  • Cryptocurrency exchange Bitfinex has paid $100 million if its $700 million outstanding loan to Tether.
  • The exchange previously paid $100 million in July 2019.

Cryptocurrency exchange Bitfinex claims to have paid an additional $100 million to Tether as apart of its $700 million outstanding loan to the stablecoin maker. 

According to an announcement made on the exchange’s official website, Bitfinex has paid $100 million to Tether in principal on a loan that was reportedly worth over $700 million. 

The post reads, 

Bitfinex is pleased to announce that on Friday, February 28, 2020, it repaid $100,000,000 of the outstanding loan facility to Tether. Bitfinex made this payment in fiat wired to Tether's bank account.

Tether, the company behind the leading stablecoin USDT, reportedly loaned Bitfinex more than $700 million last year to make up for the exchange’s $850 million in losses. Bitfinex suffered the staggering debt as a result of its payment processor, Crypto Capital, having its funds seized by authorities in connection to a series of frauds. 

Authorities arrested Crypto Capital’s president and principal on conspiracy to commit bank fraud, which led to the freezing of $850 million in Bitfinex funds. 

The exchange had previously paid $100 million of the outstanding loan, according to an update made in July 2019. 

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Binance and OKEx Represented Approximately 75% of Top Tier Exchanges' Trading Volume in June

Two cryptocurrency exchanges represented three-quarters of the spot trading volume seen in June. The exchanges, OKEx and Binance, traded over $80 billion combined.

According to CryptoCompare’s June 2020 Exchange Review, Binance was the largest top tier cryptoassets exchange by volume in June, trading $41.8 billion throughout the month, 19.6% less than what it traded in May. It was followed by OKEx, which traded $40.6 billion in June, down 29% from May.

In third place came Coinbase, which traded $6.86 billion, down 38.5%. In total Binance and OKEx represented approximately 75% of the trading volume on the top 15 top tier exchanges.

er.pngSource: CryptoCompare

The same report found, as CryptoGlobe reported, that spot trading volumes plummeted throughout the month of June. Top tier cryptoassets exchanges saw their volumes “decreased drastically” to $177 billion, which means they traded 36% less than in May, while lower-tier exchanges traded $466 billion, 53% less than in May,

The highest recorded trading volume in a single day in June amongst top tier exchanges was of $9.26 billion.  In comparison, in March’s Exchange Review, the cryptoassets data provider revealed that the March 12-13 crypto market crash led to high in daily trading volumes, as $75.9 billion were traded across exchanges in a single day. Top-tier exchanges traded $21.6 billion that day.

Whether a cryptoasset exchange is lower-tier or top tier is determined by CryptoCompare’s Exchange Benchmark. The trading volume drop affected both top and lower-tier platforms, as the crypto space’s spot volumes ended up representing “roughly half of the daily volumes seen in the previous month.”

OKEx and Binance Stand Out

OKEx and Binance were the two top tier cryptoassets trading platforms standing out, and they likely managed to do so because of Coinbase’s own downfalls and because of their diverse offerings to users.

Coinbase likely saw its trading volume dwindle over repeated outages it suffered during significant cryptocurrency price movements, while other users opposed Coinbase’s, and likely moved to other trading platforms.

Meanwhile, Binance and OKEx have solidified their offerings to users, allowing them to earn interest on their cryptocurrency holdings, and enriching their derivatives portfolios with various cryptoassets. As CryptoGlobe reported, OKEx has last month expanded its derivatives portfolio with ETH/USD options, with EOS/USD options planned for the near future.

 Both also offer discounts to their users if they use their tokens, Binance’s BNB, and OKEx’s OKB. Notably, OKEx’s OKB has significantly outperformed both BNB and bitcoin over the last 12 months.

graph.pngSource: CryptoCompare

Over the last 30 days, Binance’s cryptocurrency outperformed that of its rival bitcoin trading platform, as BNB dropped 6.1% over said period, while OKB dropped 9.9%. Bitcoin, in comparison, dropped 3.9%.

Featured image via Unsplash.