June 17, 2024
Latest Cryptocurrency News

Tether to Invest $1 Billion in Emerging Technologies

Stablecoin leader Tether plans to invest a significant portion of its revenue to emerging technologies. CEO Paolo Ardoino revealed the company’s intention to invest at least $1 billion in the next 12 months, focusing on sectors like artificial intelligence (AI) and biotech.

Venture Capital Arm’s Growth

Tether’s venture capital arm, manned by a team of 15, is actively evaluating numerous pitches monthly. Over the past two years, it has already funneled approximately $2 billion into tech ventures, including AI and alternative financial infrastructure.

Driving Disintermediation in Finance

Paolo Ardoino emphasized the company’s commitment to reducing reliance on traditional financial intermediaries. Tether’s investments aim to empower companies while fostering innovation and independence from tech giants like Google, Amazon, and Microsoft.

Record Profits Propel Investment

Tether’s recent record net profit of $4.52 billion in Q1 2024 has bolstered its investment capacity. The company’s success has attracted numerous investment opportunities, although only a small percentage are pursued.

A Unique Investment Approach

Unlike traditional venture capitalists, Tether prioritizes projects aligned with its strategic vision, regardless of immediate profitability. Ardoino emphasized the company’s distinct investment strategy, focused on projects it finds compelling and impactful.

Tether’s Diverse Business Portfolio

Tether, renowned for its stablecoin, operates across various sectors, including data, finance, and education. The company’s recent restructuring reflects its commitment to diversification and innovation in the rapidly evolving cryptocurrency landscape.

Expanding Footprint in Bitcoin Mining

In addition to tech investments, Tether recently ventured into Bitcoin mining, investing $150 million in Bitdeer, a prominent crypto mining firm led by Jihan Wu. This move underscores Tether’s dynamic approach to expanding its influence in the cryptocurrency sector.

Image by rawpixel.com on Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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