Tether forms ‘alliance’ with former sister firm, rhino.fi fka Ethfinex

Tether recently announced a “strategic alliance” with rhino.fi — formerly DeversiFi, formerly Ethfinex — which Tether claims will “improve liquidity” for rhino.fi’s bridging solution.

The genesis of rhino.fi is Ethfinex, a Tether sister firm spun out of Bitfinex with the goal of eventually creating a ‘trustless exchange.’

Eventually, the trading volume associated with this was merged back into Bitfinex and the on-chain trading of tokens became the domain of DeversiFi, which was more explicitly spun out of Bitfinex with a ‘management buyout.’

Despite this separation, DeversiFi and Bitfinex continued to collaborate closely, with Bitfinex and DeversiFi working together on a solution to transfer Tether tokens to DeversiFi’s layer-2 decentralized exchange.

Since then, DeversiFi has rebranded as rhino.fi, attempting to enable transactions in different tokens across various chains, including Tether tokens, even before this new ‘alliance.’

William and Christopher Harborne

rhino.fi is led by William Harborne, the son of Christopher Harborne. Christopher is also sometimes known as Chakrit Sakunkrit and is a shareholder in Tether’s parent company Digfinex.

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Christopher is very active politically, serving as the largest donor to Reform UK and a large donor to Boris Johnson. He reportedly helped Bitfinex and Tether maintain access to banking by applying for bank accounts at Signature Bank for his aviation fuel brokerage, AML Global, which subsequently received funds from Bitfinex.

This latest ‘strategic alliance’ follows a long history of collaboration between William Harborne, Christopher Harborne, Bitfinex, Tether, and Ethfinex/DeversiFi/rhino.fi.

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