Tether makes strategic investment in Northern Data Group – set to become Europe’s largest independent AI player
September 21, 2023: Tether, the company behind one of the world’s leading stablecoins, is pleased to announce a strategic investment in Northern Data Group through Damoon, a Tether Group company. Tether, which has a market capitalization of $83 billion, is expanding its reach beyond fintech following recent investments in energy production, Bitcoin mining and communications technology.
As the world looks forward to endless opportunities from technological advances such as blockchain, generative AI, and scientific research, Northern Data Group is emerging as a true pioneer. This investment is significant for Tether as it demonstrates its commitment to supporting emerging technologies. Tether recognizes Northern Data Group as a pioneer in this field and believes the company’s commitment to resilient data storage and high-performance computing is perfectly aligned with Tether’s forward-looking perspective. I am.
These investments not only embrace innovation, but also maintain both companies’ dedication to responsible financial management that protects the interests of our customers. Together, the companies aim to develop accessible solutions that benefit communities around the world.
Tether aims to leverage AI, peer-to-peer communications, and ultra-resilient data storage solutions to develop accessible solutions globally and locally that serve the many communities already working with other Tethers. We look forward to working with Northern Data Group on several initiatives aimed at: product.
“We are very excited about this investment in Northern Data Group, as it allows us to explore new technological frontiers,” said Paolo Ardoino, Tether’s chief technology officer. “This investment highlights our commitment to responsible growth and innovation while maintaining the strength and integrity of Tether token reserves.”
Forbes media coverage contained inaccurate statements about the size of Tether’s stake in this investment.
It is also important to ensure that these investments are separate from Tether’s reserves disclosed in the CRR and do not impact Tether’s reserves or customer funds. Tether’s expansion into new frontiers represents a promising era of growth and sustainability, consistent with Northern Data Group’s vision for the future.
