The New York Attorney General’s (NYAG) office revealed on Thursday that iFinex, the company behind both Tether (USDT) and Bitcoin exchange Bitfinex, is coming under investigation for fraud. As a result of this news, Bitcoin dropped by 5% in a span of just under thirty minutes, showing the sheer impact this has had on the space.
On the back of this, Neutral, an open financial protocol, offering financial instruments to the cryptocurrency space comments on the investigation. Neutral recently launched its first product; Neutral Dollar (NUSD) — an aggregated basket of stablecoins currently comprised of DAI, TUSD, PAX, and USDC
Matthew Branton, Chief Technology Officer at Neutral, and architect of Neutral Dollar, said
The growth of the crypto industry is dependent on attracting institutional investors and the way to achieve this is by building trust through transparency and innovation. As we move forward, the focus must be on building projects which prioritize these two tenets. Stablecoins, designed to minimize crypto-market volatility, have the potential to draw institutional adoption and investment into the space — creating a tangible bridge between the old and new financial worlds. Undoubtedly, led by responsible and accountable teams, stablecoins will play an essential role in the future of the global economy.”
Neutral, founded in 2018, is a smart contract system offering superior financial instruments to the cryptocurrency space. Leveraging proven investment concepts, Neutral builds upon existing infrastructure to facilitate growth in the cryptocurrency and blockchain industry. Neutral’s first product, Neutral Dollar (NUSD), is an aggregated basket of stablecoins, resulting in a superior digital dollar which has lower volatility, increased liquidity, and increased transparency when compared to other stablecoins on the market. Neutral’s core team comprises of experienced investors, quantitative traders, trading system developers, and is advised by Nobel Prize economists and financial industry experts. The company is backed by Sequoia Capital China and has offices in San Francisco, New York, and Beijing. For more information, visit https://www.neutralproject.com/