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

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

31.05.2024 - 15:05

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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.

Tether has become a partner in the free economic zone of the Emirate of Ras Al Khaimah

The company will support startups under the RAK DAO and develop educational blockchain initiatives

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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