The post Tether invests $2M in Arcanum Capital’s Web3 fund appeared on BitcoinEthereumNews.com.

Tether, the world’s largest stablecoin issuer, is looking to diversify its operations and broaden its influence in Web3 technology. The company has made a $2 million injection into Arcanum Capital’s Emerging Technologies Fund II, signaling its commitment to advancing Web3 projects. As reported by the Financial news portal Traders Union, Tether’s investment in Arcanum Capital’s fund focuses on decentralized Web3 initiatives, aiming to enhance financial privacy, facilitate cross-border payments, and expand banking access for the unbanked.  Tether CEO Paolo Ardoino stressed the need to preserve individual freedoms in financial systems, emphasizing the role of censorship-resistant technologies. “A key concern today is the evolving relationship between financial systems and individual freedoms, particularly in the context of increasing restrictions on open communication,” Ardoino stated. Arcanum’s Managing Partner, James McDowall, also highlighted the fund’s mission to address vulnerabilities in traditional financial systems, particularly in geopolitically sensitive regions. The focus on blockchain-based secure remittance solutions seemingly aligns with Tether’s broader goals of financial autonomy and decentralization. Tether seeks diversification through strategic investments Tether’s investment in Arcanum is just one part of its diversification strategy. In October, Tether facilitated a $45 million oil transaction using its USDT stablecoin and proposed a boron-backed token to the Turkish government, leveraging Turkey’s global dominance in boron production. The company also made headlines in December with a $775 million commitment to Rumble, a video platform known for its emphasis on free speech. The investment includes a $250 million cash injection and support for Rumble’s tender offer to purchase 70 million shares.  Following the announcement, Rumble’s stock surged by 50% in after-hours trading, showcasing Tether’s growing influence beyond cryptocurrency markets. Tether is also venturing into artificial intelligence (AI), with plans to launch an AI platform in Q1 2025. According to CEO Ardoino, this platform will allow users to interact with…

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Filed under: News - @ December 27, 2024 9:27 am