PANews reported on November 8 that according to its official blog, digital asset company Tether announced that its investment arm has provided financing for a physical crude oil transaction between a listed super oil company and a top commodity trader. The transaction, which will be completed in October 2024, aims to facilitate the loading and transportation of 670,000 barrels of Middle Eastern crude oil, worth approximately $45 million. The transaction marks Tether Investments' first crude oil transaction in the region.
Tether’s trade finance business, Tether Trade Finance, was launched earlier this year and has rapidly scaled to support the trade finance industry by providing easy access to capital solutions that simplify and modernize global trade processes. The new venture is part of Tether Investments.
