Why Tether And Bitfinex Launch Keet, P2P Chat App

The world’s biggest stablecoin issuer Tether teams up with its sister company Bitfinex to launch a P2P video chat app called Keet.

Stablecoin issuer Tether and crypto exchange Bitfinex have entered the world of social media, today announcing the launch of P2P video chat application called Keet.

Keet, which is fully encrypted, is the product of Bitfinex, Tether, and software company Hypercore. It’s only available on desktop for now, but there soon will be a mobile app with “amazing” video quality, the companies said.

The messenger is the first app built upon Holepunch, a platform that allows developers to build Web3 applications, which also was announced today by the three companies.

Currently closed-source but expected to be open-source later this year, Holepunch doesn’t run on a blockchain but will make use of the Lightning Network—a “second-layer solution” that speeds up Bitcoin transactions while reducing costs. So, those who want to build, say, a payment app upon Holepunch, would be able to via Lightning.

Tether, Bitfinex, and Hypercore have poured $10 million into Holepunch, which could see tens of millions of dollars in additional investments, they added.

So why would the company that issues the world’s biggest stablecoin (USDT) and a crypto exchange go into the crowded market of chat apps? It’s in the name of freedom of speech, Paolo Ardoino, the CTO of Tether and Bitfinex, and the CSO of Holepunch said.

“You know that funny meme where people ask if you are ‘in it for the tech’ in the Bitcoin space, mocking the fact that of course everyone is in it for the money? Actually, we at Tether and Bitfinex—and this is the great alignment we have—we are actually in the blockchain space for the tech,” he said.

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