Bitfinex and Tether Sample Clauses

Bitfinex and Tether. 6. Bitfinex operates an online platform for exchanging and trading virtual currency. Users access the Bitfinex trading platform and place orders through its website, available at xxx.xxxxxxxx.xxx, through an associated Application Programming Interface (“API”), or via over-the-counter services. Bitfinex also provides users with the ability to store their virtual currency and transfer their holdings to a different trading platform. Bitfinex is one of the relatively few virtual currency trading platforms that allows traders to deposit and withdraw so- called “fiat” currency, including U.S. dollars, euros, pounds, and yen. Traders using the Bitfinex platform can deposit dollars with Bitfinex, convert them to virtual currency at the rates offered by Bitfinex, trade the virtual currency they have purchased, convert their virtual currency holdings back into dollars, and withdraw the funds. For that reason, it is important that Bitfinex has sufficient U.S. dollars on hand to fill withdrawal orders submitted by traders.
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