Leading issuer of stablecoin, Tether has invested its resources into energy production and sustainable mining of Bitcoin in Uruguay. In a Tuesday blog post, the firm confirmed the development. As revealed, the investment is through its partnership with a licensed firm in the country.
By investing in Bitcoin mining and energy production, Tether is expanding its reach beyond finance and communications. The stablecoin issuer aims to lead the world of technology and sees its investment as a pathway to achieving such a feat. Also, the initiative further signifies Tether’s commitment to efficient energy innovation and the future of crypto.
According to the announcement, Tether wants to channel its investment specifically on renewable energy sources. This, according to the stablecoin issuer, will help to support and promote sustainable Bitcoin mining. To achieve this aim, Tether plans to augment its team; bringing in professionals in the energy industry.
CTO of Tether, Paolo Ardoino gave some insights on the investment. Ardoino said Tether is aiming to leverage the power of Bitcoin and Uruguay’s renewable energy potential. By so doing, the CTO said the stablecoin issuer will emerge as a navigator in sustainable and effective BTC mining. He added that Tether’s undiluted dedication to renewable energy helps to ensure that mined BTC features a minimal ecological footprint and fosters the security of the Bitcoin network.
Tether and its recent collaborations
Meanwhile, this investment by Tether comes a few days after it collaborated with Strike. According to the announcement by the two firms, the collaboration came into the limelight so as to advance the crypto industry. Certainly, both firms aim to create a different pathway to ensure the smooth processing of digital transactions. Findings show that the stablecoin firm has now integrated Strike into its network.
It also collaborated with Kriptonmarket to enhance accessibility to stablecoins in Argentina. Occasioned by the collaborations, those in the country are now able to trade with stablecoins at the well-known Central Market of Buenos Aires. Tether is also leveraging the collaboration with the firm to introduce over 1000 wholesale and retail merchants into the market. These merchants will accept USDT and will also be able to pay bills via KriptoPayments.