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According to Protos, Deltec Bank and Trust has sold its business line to Britannia Bank and Trust; Both banks have previously served Tether and operated in the Bahamas. Britannia Chairman Julian Francis stated that the company did not acquire Deltec, but only acquired the business line of Deltec Bank. Odetta Morton, CEO of Deltec Bank, has repeatedly stated that she believes this will "pave the best way for continuing to provide top-notch services, technology, and opportunities to enter global markets Deltec Bank was once one of the most important banks in the cryptocurrency ecosystem. After most banks refused to operate, it provided Tether with a connection to the banking system and also offered convenient services to many other cryptocurrency entities. In fact, it was Deltec's executives and leadership team who collaborated with FTX and Alameda Research to acquire Farmington State Bank (later renamed Moonstone) in Washington state. Some people also claim that Deltec provided Alameda Research with a large credit line to facilitate its Tether arbitrage trading. Tether has also been working with Britannia for many years, with DigiFinex shareholders and Britannia Financial Group being major Conservative donors in the UK. Julio Herrerra Velutini, the founding chairman of Britannia Financial Group, was charged with bribery in Puerto Rico and has since resigned from the related company.