- Tether, the company responsible for issuing the top stablecoin by market cap, has announced a strategic investment into Northern Data Group, a data center and cloud environment services provider based in Germany.
According to an August press release from Northern Data, the firm "entered into an agreement with an investor under which Northern Data agreed to acquire Damoon for a valuation of EUR 400 million, and the investor agreed to capitalize Damoon prior to completion of the acquisition with the funds needed to acquire latest-generation GPU hardware for a purchase price of EUR 400 million."
"We are excited about this investment into Northern Data Group as it represents a fresh venture into new technological frontiers," said Paolo Ardoino, chief technology officer at Tether. "This investment underscores our commitment to responsible growth and innovation while preserving the strength and integrity of Tether tokens’s reserves.”
“During the second quarter of 2023, we received a few short-term loan requests from clients with whom we have cultivated longstanding relationships, and we made the decision to accommodate these requests,” Welch said, adding that the loans would be eliminated by 2024.