Stablecoin issuer Tether has invested in Northern Data Group amid speculation and existing global partnerships. Thus, the company behind the altcoin project stepped into the field of artificial intelligence.
Popular altcoin issuer is entering the artificial intelligence space
Tether, a stablecoin issuer, has invested in German-based crypto miner Northern Data Group. This strategic investment points to potential collaborations in the field of artificial intelligence (AI). Tether made this investment through its group company Damoon. However, Tether did not disclose the amount of capital allocated for this partnership.
According to Forbes, this investment is worth 420 million. The altcoin issuing company neither confirmed nor denied the exact figure. Moreover, previous talks between Tether and Northern Data in July revealed that the stablecoin giant had ambitions of supporting Damoon, a Tether group company, before completing the acquisition. By doing this, Damoon aimed to supply the latest GPU hardware. Paolo Ardoino, Tether’s CTO, described the initiative as a dive into the new technology industry.
The altcoin issuer company stated that this investment will not enter its reserves. He also noted that he will ensure that customer funds are not affected. As you follow from Kriptokoin.com, Tether’s history has been controversial, especially in the US, where it has faced legal challenges over reserve transparency, leading to hefty fines and increased scrutiny.
Tether expands global reach with various partnerships
Beyond its recent stake in Northern Data, Tether’s global impact is evident through partnerships, from collaborating with KriptonMarket in Argentina to signing an MOU to support peer-to-peer (P2P) infrastructure in Georgia. Additionally, Ardoino hinted that some of the firm’s mining operations have roots in Latin America.
Recently, Tether Holdings started providing USDT stablecoin loans to its customers. However, this move raised eyebrows. Because it’s only been a year since Tether vowed to refrain from offering secured loans. The dominance of the altcoin issuer company in the stablecoin world makes this development noteworthy.
Tether’s new initiative
Tether Chief Technology Officer Paolo Ardoino expressed his excitement about the development. “We are excited as this investment in Northern Data Group represents a new initiative towards new technological frontiers,” said Ardoino. “This investment underscores our commitment to responsible growth and innovation while preserving the strength and integrity of the reserves of Tether tokens.” said. According to the latest data, the altcoin issuer company holds 68% of the total stablecoin supply of 90.62 billion.
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