Damoon Designated Activity, in which Frankfurt-based Northern Data acquired a majority stake in July, bought some 400 million euros ($427 million) worth of Nvidia graphic processing units (GPU), the German company said in a press release.
The chips will be deployed through Northern Data’s cloud service, Taiga Cloud, with plans to offer access to customers starting late in the fourth quarter.
Northern Data is a publicly listed data firm that has diversified from crypto mining into providing computing power for AI-related data crunching. The shares rose 2.7% Thursday.
“We are excited about this investment into Northern Data Group as it represents a fresh venture into new technological frontiers,” Paolo Ardoino, Tether's chief technology officer, said in a statement.
Tether said the investment does not impact the backing reserves of its stablecoins.
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