From AI to Bitcoin Mining: Here’s a Timeline of Tether’s Latest Investments
The largest stablecoin issuing company, Tether, has recently made a lot of investments in emerging crypto and artificial intelligence firms. These investments and the firm’s advancement beyond stablecoins show that the entity is keen on expanding its operations.
Over the past few months, Tether has dipped its foot into other sectors like peer-to-peer communication, Bitcoin mining, renewable energy, and artificial intelligence.
Tether’s Latest Investments
XREX Group is the latest firm Tether has invested in. Earlier this week, the stablecoin issuer announced that it had strategically injected $18.75 million into the blockchain-enabled financial institution to drive innovation and facilitate cross-border settlements via its flagship stablecoin, USDT, for emerging markets.
Tether’s funding will enable XREX to revolutionize financial transactions in emerging markets by offering businesses ease, efficiency, and lower costs. In addition, XREX will collaborate with the Unitas Foundation to launch XAU1, a USD-pegged unitized stablecoin over-reserved with Tether Gold (XAUt).
Commenting on the pact, Tether CEO Paolo Ardoino said: “Tether’s strategic investment in XREX Group signifies our unwavering commitment to fostering financial inclusion in the emerging markets. This latest investment aligns with Tether’s long-term vision of building a resilient infrastructure that extends beyond the confines of the crypto market, as demonstrated by our diversified investments in various industry sectors.”
Over a week ago, Tether entered a $150 million private placement financing deal with blockchain and high-performance computing firm Bitdeer. The agreement gave Tether a private placement of 18,587,360 Bitdeer’s Class A ordinary shares and a warrant to purchase up to 5,000,000 additional shares at $10 each.
The gross proceeds from the issuance generated $100 million, and Tether could provide an extra $50 million if Bitdeer fully exercises the warrant.
Investing Profits In AI
CryptoPotato reported in April that Tether became a major stakeholder in the Brain-Computer Interface (BCI) technology platform Blackrock Neurotech after investing $200 million in the firm. Notably, the firm has also dabbled in some AI-related firms and has been on the lookout for relevant talents to add to its AI team.
Tether’s latest moves align with Ardoino’s remarks during a recent interview with CryptoPotato at the 2024 Token2049 Dubai Conference. He said the industry could witness a trend of AI-related investments soon. The CEO also pointed out that Tether only invests its profits in AI projects.
The post From AI to Bitcoin Mining: Here’s a Timeline of Tether’s Latest Investments appeared first on CryptoPotato.