As a seasoned crypto investor with a keen interest in the latest developments within the industry, I find Tether’s recent expansion into various sectors beyond stablecoins to be an exciting development. The company’s strategic investments in emerging firms like XREX Group and Bitdeer, as well as its foray into AI and renewable energy, demonstrate a clear intent to expand its operations and diversify its portfolio.
Tether, the leading company in issuing stablecoins, has lately invested significantly in up-and-coming cryptocurrency and artificial intelligence businesses. These investments, along with the company’s progression beyond stablecoins, indicate a strong desire for expansion on Tether’s part.
In recent times, Tether has expanded its reach into various domains such as peer-to-peer communication, Bitcoin mining, renewable energy, and artificial intelligence.
Tether’s Latest Investments
Tether recently invested $18.75 million in XREX Group, a new blockchain finance firm. This strategic move aims to foster innovation and enable seamless cross-border transactions using Tether’s stablecoin, USDT, particularly for emerging markets.
With the financial support from Tether, XREX aims to transform financial exchanges in emerging markets by providing businesses with convenience, expediency, and reduced expenses. Furthermore, in partnership with the Unitas Foundation, XREX will debut XAU1 – a stablecoin pegged to the US dollar and backed by Tether Gold (XAUt).
Regarding the deal, Tether’s CEO, Paolo Ardoino, expressed his dedication to promoting financial inclusion in developing countries through Tether’s investment in XREX Group. This move is consistent with Tether’s overarching goal of creating a robust framework that transcends the crypto realm, as evidenced by their investments spanning various industries.
Around a week ago, Tether sealed a deal for a $150 million private investment with Bitdeer, a company specializing in blockchain technology and high-performance computing. As part of the arrangement, Tether acquired 18,587,360 of Bitdeer’s Class A common shares and was granted an option to buy an extra 5,000,000 shares at a price of $10 per share.
As a researcher examining the financial details, I found that the initial offering brought in a total of $100 million in revenues. Additionally, Tether has the potential to add an additional $50 million to this sum if Bitdeer chooses to fully utilize their warrant.
Investing Profits In AI
In April, according to CryptoPotato’s report, Tether made a significant investment of $200 million in Blackrock Neurotech, a leading company in Brain-Computer Interface (BCI) technology. It is worth mentioning that this firm has previously shown interest in artificial intelligence (AI) related businesses and is actively seeking skilled professionals to expand its AI team.
According to Tether’s recent actions, there seems to be a correlation with remarks made by Ardoino during an interview with CryptoPotato at the 2024 Token2049 Dubai Conference. He predicted that the cryptocurrency industry would soon see an uptick in investments focused on Artificial Intelligence (AI). Notably, Tether has been channeling its earnings towards AI-related projects as per Ardoino’s statement.
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2024-06-09 14:50