Earlier, the USDT stablecoin issuer launched its own bitcoin mining division

Tether has invested $150 million in Singapore-based mining company Bitdeer

31.05.2024 - 15:05

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2 min

What’s new? Singapore-based miner Bitdeer has raised $100 million from USDT Tether, the issuer of the USDT stablecoin, through a private placement of Class A common stock. The agreement calls for Tether to invest another $50 million in Bitdeer over the next 12 months.

Press release

What else is known? Tether’s USDT pegged stablecoin ranks third in the overall ranking of cryptocurrencies by market capitalization at $112 billion, behind only bitcoin and Ethereum.

Late last year, the company said it would invest $500 million in the next six months alone to develop its mining business. In the new year, Tether reorganized and launched a separate bitcoin mining business unit.

Tether CEO Paolo Ardoino said he views Bitdeer “as one of the strongest vertically integrated operators in the Bitcoin mining industry, differentiated by its cutting-edge technologies, and a robust R&D organization.”

Bitdeer’s successful track record and highly skilled team is fully aligned with Tether’s strategic vision, he said. The companies will also start collaborating in several key infrastructure areas in the future.

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Bitdeer, headquartered in Singapore, operates data centers (DCs) in the United States, Norway, and Bhutan. It will use the Tether investment to grow its business.

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