Billionaire Mike Novogratz said that the cryptocurrency project Tether has failed to prove its solvency, which became the reason of falling of interest of investors to this digital asset.

In the beginning of the week coin Tether fell below $1 amid investor doubts in the reliability of stablon. One of the triggers was the information about the financial problems Noble Bank servicing the accounts of the company.

According to Novogratz, the reluctance of the team of cryptocurrency to prove the existence of dollar reserves could further hurt stablon. He told Bloomberg:

I think that Tether has failed to prove its transparency and reliability, and now the coin can take time to regain the trust of investors.

The investor said that he would prefer stablon twin brothers the Winklevoss Gemini Dollar, which has a real security in the form of U.S. currency, confirmed by an independent auditor.

He also said that his cryptocurrency Bank Galaxy Digital is one of the key investors in many priority projects cryptosphere. So, on the eve it became known that the Galaxy Digital along with financial giant Goldman Sachs has invested $15 million in financing projects of the company BitGo, which specializiruetsya on the development of blockchain-based products for secure storage of virtual currencies.