Informed Crypto News
Britannia buys operations of fellow Tether bank Deltec
Headline, Britannia buys operations of fellow tetherbank deltech, published at 3.28 pm, September 27, 2024, on protos.com. Deltech Bank & Trust has reportedly sold its lines of business to Britannia Bank & Trust. Both banks have served tether and operate in the Bahamas. According to the Nassau Guardians interview with Britannia's chairman Julian Francis, it is not acquiring Deltech, just Deltech Bank's business lines. Deltech Bank CEO Odetta Morton repeatedly noted that she believes this will result in an optimal path for continuing to deliver best-in-class service, technology, and access to global markets. At one point, Deltech Bank was one of the most important banks in the crypto ecosystem, providing tether a link to the banking system after most banks refused to do business. It also provided a convenient service to many other cryptocurrency entities. Indeed, it was Deltech executives and leaders who collaborated with FTX and Alameda Research in the purchase of Farmington State Bank, later Moonstone in Washington State. It was also alleged that Deltech provided Alameda Research with large lines of credit to facilitate its tether arbitrage. Tether has also banked with Britannia for years, and both DigiFinance shareholders and Britannia Financial Group are major conservative donors in the UK. The founding chairman of Britannia Financial Group Julio Herrera Velutini was charged with bribery in Puerto Rico, and he has subsequently stepped down from the businesses. It is not clear now why Deltech Bank and Trust founded advantageous to sell these business lines, but to preserve the entity. This recording was AI-generated. Get more crypto news at protos.com.