Interview location: New York
Interview date: Saturday 11th May, 2019
Company: Bitfinex & Tether
Role: Chief Strategy Officer at Bitfinex | Co-Founder at Tether
Creating a Bitcoin business is hard, especially one processing hundreds of millions or even billions of dollars in value. For exchanges, these challenges are especially difficult, from defending against relentless hack attempts to securing banking services.
Starting a Bitcoin business today is undoubtedly easier; companies have become more open to working with Bitcoin businesses and specialist providers now exist. Still, the regulatory challenges exist as companies serve international customers with a broad set of unclear, jurisdiction-specific laws.
Bitfinex has a long history in Bitcoin, surviving many of its own challenges. It too suffered a major hack which nearly destroyed the business and faced the challenges of navigating the regulatory framework while struggling for banking services. Further, many of the team at Bitfinex were responsible for the creation of Tether, itself facing many difficulties.
In this interview, I talk with Phil Potter, who was Chief Strategy Office at Bitfinex and co-founder of Tether. We discuss the Bitfinex hack, challenges of getting banking services, the history of Tether and the difficulty of auditing reserves.
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