Insider Brief
- Tether announces a strategic investment in Northern Data Group via its group company, Damoon. This move is in line with Tether’s recent investments in various sectors like energy production, bitcoin mining, and communications technology.
- Northern Data Group, recognized for its contributions to data storage and high-performance computing, aligns with Tether’s focus on emerging technology. Both companies emphasize responsible financial stewardship and aim to create accessible tech solutions benefiting global communities.
- The investment doesn’t affect Tether’s reserves or customer funds, and inaccuracies have been identified in a Forbes report regarding the stake size.
PRESS RELEASE — 21 September 2023 — Tether, the company behind the world’s leading stablecoin, is pleased to announce its strategic investment into Northern Data Group through Damoon, a Tether group company. With an $83 billion market capitalization, Tether is expanding its reach beyond fintech, following recent investments in energy production, bitcoin mining, and communications technology.
As the world anticipates the boundless opportunities driven by technological advancements, including blockchain, Generative AI, and scientific research, Northern Data Group emerges as a true pioneer. This investment is significant for Tether as it demonstrates its determination to support emerging technology. Tether recognizes Northern Data Group as a trailblazer in this domain and believes its commitment to resilient data storage and high-performance computing aligns perfectly with Tether’s forward-looking perspective.
These investments not only embrace innovation but also uphold both companies’ dedication to responsible financial stewardship, safeguarding the interests of their customers. Together, they aim to develop accessible solutions that benefit communities worldwide.
Tether looks forward to its collaboration with Northern Data Group on several initiatives that aim to leverage AI, peer-to-peer communications, and super-resilient data storage solutions, to develop accessible solutions globally and locally that service many communities already engaged with other Tether products.
“We are excited about this investment into Northern Data Group as it represents a fresh venture into new technological frontiers,” said Paolo Ardoino, Tether’s Chief Technology Officer. “This investment underscores our commitment to responsible growth and innovation while preserving the strength and integrity of Tether tokens’s reserves.”
A media report from Forbes contained inaccuracies regarding Tether’s stake size in this investment.
It is also important to note that these investments are separate from Tether’s reserves disclosed in the CRR, ensuring they do not impact Tether’s reserves or customer funds. Tether’s expansion into new frontiers signifies a promising era of growth and sustainability that aligns with Northern Data Group’s vision for the future.
