Tether and Bitfinex launch platform for creating encrypted P2P applications

The Holepunch protocol has a built-in API based on the Lightning Network for cryptocurrency payments

25.07.2022 - 13:30

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What’s new? Crypto exchange Bitfinex and Tether (the issuer of the USDT stablecoin) jointly with the Hypercore protocol launched Holepunch, a platform for creating peer-to-peer (P2P) and fully encrypted applications. Its first project was a fully encrypted video calling app called Keet. The free app uses a P2P connection for audio and video calls, chat and file sharing. Users connect directly to their devices using only cryptographic key pairs, allowing them to communicate without a central server or company managing the network.

Press release

What is known about Holepunch? The protocol is closed-source and will move to open-source when it completes alpha testing in the fourth quarter of 2022. The platform itself does not use blockchain, but the built-in API for making payments is based on the Lightning Network, a Layer 2 (L2) payment protocol for speeding up transactions in the Bitcoin network. Tether tokens are supported as the default micropayments system for developer companies on Holepunch.

Paolo Ardoino, who is also CTO of Tether and Bitfinex (their common parent company is iFinex), has been appointed as Chief Strategy Officer for Holepunch.

In June, representatives of Tether and Bitfinex noted that they intended to expand their staff by hiring highly qualified employees, despite the downturn in the cryptocurrency market.

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