Tether Invests in German Crypto Miner Northern Data Group
Tether, the stablecoin issuer, has acquired an undisclosed stake in German-based crypto miner Northern Data Group. This strategic investment suggests potential collaborations in artificial intelligence (AI), as Tether aims to bolster its group company, Damoon, by procuring the latest GPU hardware. The exact amount of capital allocated for this partnership remains undisclosed.
Ardoino Describes Tether’s Entry into the Tech Industry
Although Forbes reported a $420 million transaction, Tether has neither confirmed nor refuted the exact figure. Paolo Ardoino, Tether’s CTO, portrayed this venture as a dive into the new technological industry. The company assures that this investment will not dip into its reserves, ensuring customer funds remain unaffected.
Tether Expands Global Reach with Diverse Partnerships
In addition to its stake in Northern Data, Tether has been expanding its global influence through partnerships. These include collaborations with KriptonMarket in Argentina and an MOU to strengthen peer-to-peer infrastructure in Georgia. Ardoino also hinted at mining activities in Latin America.
Furthermore, Tether Holdings has recently initiated USDT stablecoin loans to clients. This move is noteworthy as it goes against their previous pledge to refrain from offering secured loans. Given Tether’s dominance in the stablecoin world, this development raises eyebrows.
Hot Take: Tether Dives into AI and Expands Its Footprint Globally
Tether’s investment in Northern Data Group hints at potential collaborations in artificial intelligence (AI), while their diverse partnerships highlight their global reach. However, the initiation of stablecoin loans raises concerns and questions Tether’s commitment to its previous pledge. As Tether continues to make strategic moves in the tech industry and expand its footprint, the crypto community will closely watch its actions and their impact on the market.
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