Tether Buys $200M Majority Stake in Brain-Computer Interface Company Blackrock Neurotech
The investment will fund the roll-out and commercialization of the company's medical devices.
Apr 29, 2024 at 1:11 p.m. UTC
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Tether, the issuer of stablecoin USDT, said Monday that it invested $200 million to acquire a majority stake in brain-computer interface company Blackrock Neurotech via its venture capital division Tether Evo.
Blackrock Neurotech develops medical devices that are powered by brain signals and aims to help people impacted by paralysis and neurological disorders.
The technology firm is not related to the asset management giant BlackRock.
The investment will fund the roll-out and commercialization of the medical devices and also for research and development purposes, the press release said.
Tether is the company behind USDT, the largest stablecoin with a market cap of $110 billion. Recently, Tether established four divisions to expand beyond stablecoin issuance.
“Tether has long believed in nurturing emerging technologies that have transformative capabilities, and the Brain-Computer-Interfaces of Blackrock Neurotech have the potential to open new realms of communication, rehabilitation, and cognitive enhancement,” Paolo Ardoino, CEO of Tether, said in a statement.
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Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.