TechFlow reported that Deltec Bank and Trust has sold its business lines to Britannia Bank and Trust. Both banks operate in the Bahamas and provide services for Tether. According to an interview with Julian Francis, Chairman of Britannia, published by Nassau Guardian, Britannia did not acquire Deltec as a whole, but only purchased the business lines of Deltec Bank.
Deltec Bank was once one of the most important banks in the cryptocurrency ecosystem, providing Tether with access to the banking system at a time when most banks refused to work with the stablecoin issuer. Deltec also facilitated numerous other cryptocurrency entities.
Notably, executives from Deltec were involved in a collaboration with FTX and Alameda Research to acquire Farmington State Bank in Washington State, which was later renamed Moonstone.
Rumors suggest that Deltec also provided Alameda Research with significant credit lines to support its Tether arbitrage activities. Tether has maintained banking relationships with Britannia for many years as well.
