- Tether has advertised for a ‘reputation manager’ to work on improving the company’s appeal
- Tether has come in for huge criticism over the way its tokens are backed
- Tether’s market cap is $62.3 billion with less than 4% being cash
Tether has listed a job posting for a ‘reputation manager’ to help fight the ceaseless FUD the company attracts over how it backs its tokens. Tether, which has a market cap of $62.3 billion, has come in for strong criticism over how little of its reserves are backed by cash, and it seems the company is so concerned by the potential damage done to the brand that it is hiring a spin doctor to manage the FUD.
Fancy Being a Tether Advocate?
The Tether job posting neatly sidesteps the issue at the heart of the role, that of fighting off endless questions and criticisms the legitimacy of the Tether backing:
Tether is a token backed by actual assets, including USD and Euros. One Tether equals one underlying unit of the currency backing it, e.g., the U.S. Dollar, and is backed 100% by actual assets in the Tether platform’s reserve account.
These “actual assets” are chiefly commercial paper and fiduciary deposits, with actual cash making up 3.87% of the multi-billion dollar backing, something that the FUD fighter is going to have to get to grips with pretty quickly.
Tether informs applicants that they will need to “become an advocate for the company” on social media and beyond, answering questions and developing a “process for capturing happy, loyal customer online reviews.”
Crisis Management an Advantage
Tether asks that applicants have over five years’ experience in social media management and “possesses great ability to identify potential negative or crisis situations”, which is a scenario many in the cryptocurrency world have been predicting for some time.
While the job as a reputation manager for Tether seems about as desirable as sticking your head in a ceiling fan, here’s fair warning that it could be worse – you could be reputation manager for Ledger.