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Tether acquires stake in Bitcoin miner Northern Data, hinting at AI collaboration

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The strategic investment into Northern Data by Tether team company Damoon also can unbiased comprise collaborations leveraging AI, P2P communications, and records storage alternatives.

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The company within the befriend of stablecoin Tether (USDT) has invested an undisclosed quantity into German-essentially based utterly utterly crypto miner Northern Data Group in a pass backing man made intelligence (AI) initiatives.

In a Sept. 21 weblog post, Tether acknowledged the strategic investment into Northern Data by Tether team company Damoon modified into once meant to present “its approach to enhance emerging technology”, hinting at collaborations intelligent AI, gaze-to-gaze communications, and records storage alternatives. The corporate denied a describe from Forbes referring to a $420-million investment, nonetheless did no longer specify the particular quantity when reached for comment. Cointelegraph additionally reached out to Northern Data, nonetheless did no longer get a response on the time of newsletter.

Northern Data introduced in July that it had reached an settlement with Tether to develop Damoon, a deal by which the stablecoin issuer “agreed to capitalize Damoon sooner than completion of the acquisition with the funds wished to develop most modern-technology GPU hardware”. Tether chief technology officer Paolo Ardoino described the investment as a ”new challenge into fresh technological frontiers”.

Tether Makes Strategic Investment into Northern Data Group – Situation to Develop to be the Biggest Honest AI Participant in Europe

Read more:https://t.co/L4F6V10ruk

— Tether (@Tether_to) September 21, 2023

Tether claimed the investment modified into once “change into independent from [its] reserves” and would no longer impact customer funds. The company beforehand faced correct action within the US following accusations it had no longer been utterly transparent about its reserves, resulting in thousands and thousands of bucks in fines and orders to fabricate experiences on USDT’s backing.

Connected: Tether stablecoin loans upward push in 2023 without reference to downsizing announcement in 2022

Because the largest stablecoin issuer by market capitalization at greater than $83 billion, Tether has made many investments globally, from partnering with KriptonMarket in Argentina to signing a memorandum of working out to lend a hand abolish gaze-to-gaze infrastructure with the authorities of Georgia. In August, Ardoino printed one of the most company’s mining operations were essentially based utterly utterly in Latin The United States, though or no longer it’s unclear within the event that they would maybe develop to Germany following the deal with Northern Data.

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