Britannia acquires Deltec Bank’s business line, both banks serve Tether

According to TechFlow, Deltec Bank and Trust has reportedly sold its business line to Britannia Bank and Trust. Both banks operate in the Bahamas and provide services to Tether. According to an interview with Britannia Chairman Julian Francis by the Nassau Guardian, Britannia did not acquire Deltec, but only acquired the business line of Deltec Bank.

Deltec Bank was once one of the most important banks in the crypto ecosystem, providing Tether with access to the banking system after most banks refused to work with it. Deltec also facilitated services for many other cryptocurrency entities.

Notably, Deltec executives worked with FTX and Alameda Research to acquire Farmington State Bank (later renamed Moonstone) in Washington state.

Deltec is also rumored to have provided Alameda Research with a large line of credit to facilitate its Tether arbitrage. Tether has also had banking relationships with Britannia for years.