Published on juni 11, 2024, 2:39 pm
Image source: Fox News
```json { "TLDR": "Tether's VC arm has invested $2 billion in AI and alternative finance, planning to invest $1 billion more in the next year. The CEO revealed a $610 million investment in Northern Data Group for AI advancements. Tether focuses on projects aligning with their strategies, boasting record profits primarily from Bitcoin and gold trading activities." } ```
Tether’s venture capital (VC) arm has been making significant strides by investing around $2 billion in advanced technologies such as artificial intelligence (AI) and alternative financial systems in the last couple of years. The company, known for its stablecoin, is gearing up to allocate a substantial portion of its earnings into cutting-edge areas like emerging markets, AI, and biotechnology.
Paolo Ardoino, the CEO of Tether, revealed that the firm plans to inject at least $1 billion into various projects within the next year through its VC division. With a team of 15 members actively reviewing numerous proposals monthly, Tether has already made considerable investments in AI and diverse financial infrastructure innovations over recent years.
One remarkable investment highlighted by Ardoino involves contributing over $1 billion towards AI advancements, notably supporting Northern Data Group with a massive $610 million debt financing arrangement slated for 2023. This move aims to provide AI computing capabilities to the companies they support.
Ardoino underscored Tether’s incredible profitability with a record net profit of $4.52 billion in the initial quarter of 2024 – predominantly stemming from financial gains associated with Bitcoin and gold trading activities. Despite the lucrative outcomes attracting numerous offers regularly, Tether remains selective in their investments, focusing on projects that align closely with their strategic interests rather than requiring immediate profitability targets post-investment.
Contrary to conventional VC approaches, Tether concentrates on funding projects that genuinely captivate them and adhere to their unique strategy. Renowned as one of the prominent enterprises within the cryptocurrency sector, Tether administers the widely-used Tether (USDT) stablecoin – currently dominating crypto trades globally.
Following a recent revamp restructuring its operations across distinct segments like Tether Data, Finance, Power, Edu, Evo among others earlier this year; Tether is not only delving into AI ventures but also delving into Bitcoin mining. Notably channeling $150 million towards Jihan Wu’s Bitdeer crypto mining outfit signifies an expansion beyond traditional investment avenues for this industry powerhouse.
Original article posted by Fox News
