Tether, the company behind the $83 billion stablecoin USDT, has announced its venture into the artificial intelligence (AI) tech space with a strategic investment in Europe-based crypto mining firm Northern Data. The investment was made via Damoon, a Tether group company, although the exact amounts involved were not disclosed.
Paolo Ardoino, the Tether CTO, said: “We are excited about this investment into Northern Data Group as it represents a fresh venture into new technological frontiers. This investment underscores our commitment to responsible growth and innovation while preserving the strength and integrity of Tether tokens’ reserves.”
Tether and Northern Data will collaborate on various AI initiatives, peer-to-peer communications, and data storage solutions.
Nvidia’s H100 is a key commodity in the AI startup world, priced at $40,000 and capable of heavy-duty data processing. As reported by Forbes, Tether’s investment is worth $420 million and includes the purchase of 10,000 H100 GPUs. This acquisition is likely to make Tether the biggest independent AI player in Europe, given that other countries have made smaller investments – for example, the British government reportedly plans to spend $120 million (£100 million) and Saudi Arabia recently acquired 3,000 pieces of the Nvidia H100.
Tether’s entrance into the AI space shows its commitment to responsible growth and innovation, while also preserving the strength and integrity of its tokens’ reserves.
