Tether Eyes Diversifying Portfolio with $1B Investment in AI and Biotech Sectors
- Hundreds of proposals every month, mostly from startups, are already being overseen.
- Tether recorded a $4.52 billion net profit for Q1 2024.
Tether, the firm behind USDT stablecoin, has made news all over the world once again for its strategic investment projects, this time by announcing its intentions to enter the artificial intelligence and biotech sector. A post from June 11th states that Tether Holdings Inc., the stablecoin giants investment arm, plans to pour over $1 billion into the aforementioned industries over the next 12 months.
Moreover, bolstering the stablecoins recent forays into a wide range of industries, including Data, Finance, and Neural Implants, among many more, this investment strategy was highlighted by Paolo Ardoino, the firms CEO.
Investing in Technology
Furthermore, hundreds of proposals every month, mostly from startups, are already being overseen by Tethers investments section, according to a recent interview with the companys CEO. Also, the staff is expanding to fifteen individuals. Emerging market alternative financial infrastructure, AI, and biotech are topics that the firm is quite interested in.
Ardoino added:
We can offer AI computing to all the companies we have invested in. Its all about investing in technology that helps with disintermediation with traditional finance. Less reliance on the big tech companies like Google, Amazon, and Microsoft.
Moreover, according to Ardoino, the stablecoin behemoth has already invested over $2 billion to meet these interest-driven demands. This year, the stablecoin behemoth also announced plans to broaden its offerings and dive headfirst into infrastructure solutions across the data, banking, power, and education sectors. According to a recent statement by the CEO on X, Tether recorded a $4.52 billion net profit for Q1 2024.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
