NEWS: Tether, the company behind the USDT stablecoin, issued $610 million in debt financing to Northern Data, a German cryptocurrency mining infrastructure company. The financing, which has a term of 3 years, will be used to fund Northern Data's expansion into Europe and North America.
This is the first time that Tether has issued debt financing to an external company. The company has been looking for ways to diversify its revenue streams and reduce its reliance on cash reserves.
Tether's funding of Northern Data is a vote of confidence in the cryptocurrency mining company. Northern Data is one of the world's leading cryptocurrency mining infrastructure providers, and has a strong reputation for security and efficiency.
The financing is also a sign of the growing acceptance of cryptocurrencies by financial institutions. Tether is the largest stablecoin in the world, and its support from a company like Northern Data is a sign that financial institutions are increasingly willing to work with cryptocurrencies.
In September 2023, Tether also invested an undisclosed amount in Northern Data, supporting artificial intelligence initiatives. The investment will be used to develop new artificial intelligence solutions for cryptocurrency mining.
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