Bitfinex announces integration of USDt on Polkadot
Polkadot is the brainchild of British computer programmer and Ethereum co-founder and former CTO Gavin Wood.
Bitfinex has enabled its customers to deposit and withdraw Tether tokens pegged to the U.S. dollar (USDt) on Polkadot, a blockchain that connects several chains together in a single network.
Paolo Ardoino, CTO at Bitfinex, said: “We are pleased to be adding another blockchain for our customers to be able to deploy their Tether tokens. Polkadot has a flourishing ecosystem and I’m sure that our customers will appreciate being able to obtain access to this chain on our platform using Tether.”
Polkadot enables blockchains to upgrade themselves without the need to fork the chain
Polkadot describes itself as a multichain application environment consisting of a relay chain, parachains, parathreads and bridges. The blockchain enables different chains to exchange data securely and process transactions in parallel, thereby solving major scalability issues that have impeded blockchain development. Claiming to be an advanced, open governance system that will allow the network to innovate and grow at a much more rapid pace than legacy networks, Polkadot is ideal for applications from decentralized finance and energy to Internet of things (IoT) and gaming.
Polkadot is among thirteen blockchains on which USDt is available, including Algorand, Avalanche, Bitcoin Cash’s Simple Ledger Protocol (SLP), EOS, Ethereum, Liquid Network, NEAR, Omni, Kusama, Solana, Tezos and Tron. The integration of USDt on Polkadot reduces confirmation times, makes payments faster and lowers transaction costs.
In the same way in which the early internet-connected private and public networks globally, Polkadot connects blockchain and legacy networks. Polkadot, the brainchild of British computer programmer and Ethereum co-founder and former CTO Gavin Wood, is paving the way for the emergence of decentralized marketplaces by offering equitable access to services through a variety of apps and providers. Polkadot enables blockchains to upgrade themselves without the need to fork the chain.
USDt is supported by numerous e-commerce platforms and payment gateways, and already provides faster payment as compared to many credit and debit cards, and traditional payment systems.