Tether expands its focus into AI industry
Tether announces major expansion into AI and recruitment of top talent.
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Tether has announced an expansion of its focus into artificial intelligence (AI) through a blog post on Mar. 26, aiming to position itself as an innovation leader in the space.
With a market capitalization exceeding $100 billion for its core product USDT, Tether plans to pioneer open-source AI models to set new standards and drive accessibility. It also intends to showcase innovative AI projects and contribute to the open AI community.
“Artificial intelligence stands poised to revolutionize nearly every facet of our lives,” said Paolo Ardoino, CEO of Tether. “Our investment in Northern Data Group aligns perfectly with our vision. Today’s announcement establishes a new division within Tether, redefining AI boundaries and democratizing privacy-preserving open AI technology while setting industry benchmarks for innovation, utility, and transparency.
That’s the second significant foray from Tether that is not related to its stablecoin. As reported by Bloomberg in 2023, the company is set to spend up to $500 million until May this year to become a key player in the Bitcoin mining industry. The funds will be used both to construct their own Bitcoin mining facility and to acquire stakes in other companies.
“We are committed to being part of the Bitcoin mining ecosystem,” Ardoino declared to Bloomberg in November last year. “When it comes to the expansions, building new substations and new sites, we are taking them extremely seriously.”
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