Every month, a multitude of proposals, largely from startups, are currently under review. Tether has reported a net profit of $4.52 billion for the first quarter of 2024. The company, known for its USDT stablecoin, is making headlines once again with its ambitious investment plans, this time venturing into the artificial intelligence and biotech sectors. In a recent announcement on June 11th, Tether Holdings Inc., the investment arm of the stablecoin giant, revealed its intention to invest over $1 billion in these industries over the next year.
In addition to its recent expansion into various sectors such as Data, Finance, and Neural Implants, Tether’s CEO, Paolo Ardoino, emphasized the company’s investment strategy. The company is actively reviewing numerous proposals each month, primarily from startups, and the investments team is expanding to fifteen members. Tether is particularly interested in emerging markets, alternative financial infrastructure, AI, and biotech.
Ardoino mentioned that Tether has already invested over $2 billion to satisfy these interests. The company has also announced plans to diversify its offerings and venture into infrastructure solutions in areas such as data, banking, energy, and education. According to the CEO, Tether’s net profit for Q1 2024 stood at $4.52 billion.
In other crypto news today, Bitcoin miners are selling off reserves amid a downturn in the cryptocurrency market.