Tether invested in German cryptocurrency miner Northern Data Group to support artificial intelligence initiatives. It was stated that the investment aims to support emerging technological collaborations, including artificial intelligence, peer-to-peer communication and data storage solutions.
He denied the news
Tether stated that the strategic investment made in Northern Data through Tether group company Damoon aims to show its “determination to support emerging technology” and touched upon collaborations such as artificial intelligence, peer-to-peer communication and artificial intelligence. The company denied Forbes’ news about the $420 million investment.
On the other hand, Northern Data announced in July that it had reached an agreement with Tether to acquire Damoon. Paolo Ardoino, the company’s chief technology officer, described the investment as “a new initiative towards new technological frontiers.”
Tether Makes Strategic Investment into Northern Data Group – Set to Become the Biggest Independent AI Player in Europe
Read more:https://t.co/L4F6V10ruk
— Tether (@Tether_to) September 21, 2023
Tether claimed that the investment was “separate from its reserves” and would not affect customer funds. The firm has previously faced legal action in the United States following accusations that it was not fully transparent about its reserves; This led to a multi-million dollar fine and an order to report on USDT support.
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