back to top
Wednesday, June 12, 2024
HomeCryptoIt is expected to invest up to 1 billion USD in a...

It is expected to invest up to 1 billion USD in a year

Tether CEO Paolo Ardoino said The stablecoin giant plans to invest a significant portion of its revenue in technologies such as emerging markets, artificial intelligence (AI) and biotechnology.

Tether is expected to invest at least $1 billion in deals over the next 12 months through its venture capital fund with a team of 15 people evaluating hundreds of pitches monthly. Tether’s VC arm has spent about $2 billion on technology like AI and alternative financial infrastructure over the past two years.

Ardoino also mentioned that Tether has invested more than $1 billion in AI, including backing data center operator Northern Data Group with a $610 million loan in 2023.

“We can provide AI computing to all the companies we have invested in. It’s all aimed at disintermediating traditional finance, making it less dependent on Big Tech companies like Google, Amazon and Microsoft.”

Ardoino’s new comments on Tether’s VC ambitions come weeks after Tether reported a record net profit of $4.52 billion in the first quarter of 2024. Most of the profit – $3.52 billion – came from the company’s financial gains thanks to Bitcoin and gold, while the additional $1 billion came from operating profits.

“You can imagine that news of Tether’s huge profits spread around the world. We receive dozens or hundreds of transactions every month but ultimately only a very small percentage of them get fulfilled.”

Ardoino also mentioned that Tether does not require companies to achieve certain profit targets in the next one to two years after investment.

“Our investment policy is to only invest in projects that we find extremely interesting. We are not a classic VC. We invest in things we care about and we have our own strategy.”

Tether is one of the largest companies in the cryptocurrency industry, operating the stablecoin of the same name, the most traded cryptocurrency on the market.

This news comes months after Tether restructured its business into multiple divisions, including Tether Data, Tether Finance, Tether Power, Tether Edu, Tether Evo and others in April 2024. .

In addition to investing in AI, Tether has become increasingly involved in Bitcoin mining, pouring $150 million into Jihan Wu’s cryptocurrency mining company Bitdeer in May.


According to Cointelegraph

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.


Please enter your comment!
Please enter your name here