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Tether, Bitfinex, And Hypercore Launch On Holepunch

Tether, Bitfinex, and Hypercore have jointly launched the Holepunch platform with the vision of empowering data control to break technology’s boundaries.

Cryptocurrency exchange Bitfinex, Tether (USDT), and Hypercore have launched a fully encrypted platform, Holepunch, for building peer-to-peer (P2P) applications.

As part of this unique idea, the trio launched Keet, an encrypted application capable of supporting real-time audio and video calls, text chat, and file sharing.

Accordingly, Tether and Bitfinex will be the main sponsors for developing the Holepunch platform. Paolo Ardoino, CTO of Tether, will lead the product as Chief Strategy Officer. Speaking on behalf of Tether and Bitfinex, Ardoino emphasized the need to address growing privacy concerns, stating:

“Web2 requires users to give up control of their data, which has led to the rise of monopolies and growing privacy concerns. That is why Tether and Bitfinex chose to participate in the development of Holepunch and Keet. It believes that freedom of choice, communication and finances are the lifeblood of the future, and anything that will enhance those freedoms is worth amplifying.”

Holepunch is currently operating as a closed-source protocol in pre-release alpha, which will be moved to open source by the end of 2022.

In doing so, Holepunch will not use blockchain technology at the platform’s core and will switch to an internal payments API powered by the Lightning Network – the scaling solution for Bitcoin.

Developers building solutions on the Holepunch protocol will be able to use USDT as the default asset for payments. However, the company has yet to reveal support for other cryptocurrencies and stablecoins.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.