Renowned stablecoin issuer, Tether has invested $200 million in a biotech enterprise, Blackrock Neurotech. In a Monday Twitter post, Tether noted that its investment in the company will mark the beginning of its journey to assist millions of people affected with paralysis, lost function, and neurological disorders around the globe.
Meanwhile, the investment in Blackrock Neurotech was made through Tether Evo, a newly venture arm of Tether. With this, the stablecoin issuer is now the major stakeholder in the company, focusing on medium and long term human potential.
That said, Tether believes the investment will assist Blackrock Neurotech in funding the commercialization and release of some of its medical solutions that will aid the treatment of millions of people affected by the issues. Also, the fund will also aid the research and development efforts of Blackrock Neurotech.
Tether CEO, Paolo Ardoino, in a Twitter post, said the investments were made outside the stablecoin reserves with the company’s profits. Don’t forget that Tether had earlier announced a mind-blowing net profit of $2.9 billion in its Q4 2023 attestation report.
According to Ardoino, investment in Blackrock Neurotech signifies the beginning of Tether’s journey through Tether Evo. With the venture capital, the CEO said the firm plans to venture into promising projects that break boundaries with technological innovation and human prowess.
Ardoino affirms Tether’s commitment to nurturing emerging technologies with revolutionary potential, describing Blackrock Neurotech as a project with the transformative capability to unlock new world of communication, rehabilitation, and cognitive enhancement.
Tether shifting focus to AI
Earlier, Tether announced a strategic expansion into the AI landscape to position itself at the forefront of innovation. In the then announcement, the firm affirmed its dedication to ensuring great access to Artificial Intelligence. With this, the stablecoin issuer seeks to disrupt the monopoly of AI technology by top companies. To kickstart its new focus, it embarked on a massive recruitment of talents.
Providing insights into the company’s focus with AI, Ardoino emphasized Tether’s commitment to revolutionizing every facet of human lives. He noted that AI can play a major role in transforming users’ experiences both in the real and digital worlds. To further drive its AI focus, Ardoino said the stablecoin issuer invested in Northern Data Group.
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