A new report has revealed that Chinese importers in Russia are buying up to $30 million a day of tether from Moscow’s over-the-counter trading desks. They then use the cryptocurrency to send large sums back to their home country.
“They accumulate a lot of cash in Moscow and need tether to transfer it to China,” said Maya Shakhnazarova, head of OTC trading at Huobi Russia.
“A client comes with cash, we register the price at exchanges, when we agree on a price, we make a deal,” Shakhnazarova told CoinDesk. “The client hands over cash and a wallet address, the seller sends USDT to the wallet.”
Merchants previously used bitcoin, but when the crypto crashed last year, they moved on to tether, which has all of the advantages of crypto without the volatility.
In other news, Justifire, a Georgia-based gun appliance manufacturer, has been issued a blockchain patent.
The company’s signature device captures visual, audio, and other data for dangerous events with the goal of legally protecting the right to self-defense. The device will use blockchain technology to send data to a network of nodes for encryption and storage.
“Nodes of the blockchain network may include client devices, servers, and firearm environmental recording apparatuses, and tokens of a cryptocurrency may be provided to nodes for performing data transactions in the blockchain database,” the patent states, according to CoinDesk.
Pundi X will integrate with Samsung’s Blockchain Wallet, as well as make its XWallet available to the Galaxy S10 phone’s blockchain app options.
“Users can move cryptocurrencies stored in the Samsung Blockchain Wallet into the XWallet, which they can then use as a checking account for instant crypto transaction with Pundi X’s global payment ecosystem. For XWallet users who use Samsung Galaxy S10, they will also have more options by adding Samsung Blockchain Wallet to their XWallet app. They will be able to choose to store their digital assets securely in Samsung Blockchain Wallet, like a savings account,” Pundi X explained in a blog post.