Quick take:
- Tether’s $200 million investment in Blackrock Neurotech gives it a majority stake in the biotech firm.
- This investment follows previous investments in Payments, Bitcoin mining and artificial intelligence.
- The investment was made through Tether’s venture arm Tether Evo.
Tether is ramping up its diversification campaign with a $200 million investment in biotech firm Blackrock Neurotech. The investment was made through the USDT issuer’s newly formed venture arm Tethre Evo.
With this investment, Tether now holds the majority stake in the startup and adds to its growing list of investments outside stablecoins that include its $670 million investment in BTC mining operations, which it opened last year in Uruguay and a payment processor in the country of Georgia.
Tether has also invested in the rapidly growing AI space through its association with Northern Data Group.
Blackrock Neurotech builds tools used in helping people afflicted with paralysis, lost function, and neurological disorders. The company will use the new capital to fund the commercialization and roll-out of its medical solutions and aid its research and development efforts, Tether said on Monday.
Tether maintains that the money that goes into investments comes from profits and is not part of the reserves backing the USDT.
Commenting on his company’s decision to invest in the biotech startup, Tether CEO Paolo Ardoino said in a statement: “Blackrock Neurotech is just the beginning of our journey through Tether Evo to venture into projects that redefine the boundaries of what’s possible at the intersection of technological innovation and human potential.”
“Tether has long believed in nurturing emerging technologies that have transformative capabilities, and the Brain-Computer-Interfaces of Blackrock Neurotech have the potential to open new realms of communication, rehabilitation, and cognitive enhancement.”
The company’s investments in Bitcoin mining will be operated under the Tether Power division while another division Edu will spearhead all educational activities. Elsewhere, Tether Data will be channelling all investments in technology, including AI, while finance will cover the USDT stablecoin, the company said on April 18.
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