Tether, a cryptocurrency business, said in a statement on Monday that it had invested $200 million in Blackrock Neurotech, gaining a majority ownership position in the American brain implant company.
According to a statement released by Tether on Monday, the cryptocurrency company has invested $200 million in Blackrock Neurotech, acquiring a majority ownership stake in the American brain implant business.
According to their website, Blackrock Neurotech manufactures brain-to-computer interfaces, such as neural implants that enable users to operate computers and prosthetic limbs without moving. It is unrelated to BlackRock, an asset management company.
Following several months of due diligence, the purchase finalized on Friday valued Blackrock Neurotech at approximately $350 million, making Tether the company’s largest stakeholder, according to Tether CEO Paolo Ardoino.
According to Tether’s announcement, the $200 million will be used mainly to finance the development and implementation of Blackrock Neurotech’s technology, which has been tested on over 40 people.
Human brain implant experimentation has started in recent years by a number of device companies, including Neuralink, founded by Elon Musk.
A dollar-pegged cryptocurrency called Tether has experienced significant growth in recent years, reaching $100 billion in circulation in March. It states that reserves denominated in dollars support the tokens.
According to Ardoino, Tether has invested almost $1.7 billion in venture capital so far, utilizing money from its profits and leaving its reserves untapped.
According to its website, Tether makes investments in fields like peer-to-peer technology, artificial intelligence, and renewable energy. According to its website, “Tether Evo” is the arm that invested in Blackrock Neurotech and is “dedicated to propelling humanity into a future where technology and human capabilities merge in unprecedented ways.”.
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