Bittime - Digital money company Tether (USDT) has just announced an investment of $200 million (around IDR 3.2 trillion) into Blackrock Neurotech. This is a biotechnology company that focuses on creating assistive devices for people suffering from paralysis, loss of body function, and neurological diseases.
This investment was made through Tether Evo, a newly formed business division of Tether. With this investment, Tether is now the majority shareholder in Blackrock Neurotech.
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These funds will be used by Blackrock Neurotech to market and develop their medical solutions, as well as support the research and development of their technology.
"Tether investments were made outside our digital money reserve fund, using company profits," explained Tether CEO Paolo Ardoino.
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Tether previously reported a record net profit of $2.9 billion (around IDR 43 trillion) in its Q4 2023 earnings report published earlier this year.
"Blackrock Neurotech is just the beginning of our journey through Tether Evo to invest in projects that will change the boundaries of human capability at the intersection of technological innovation and human potential," Ardoino said in a statement.
"Tether believes in developing new technologies that have transformative capabilities. Blackrock Neurotech's Brain-Computer Interface has the potential to open up unprecedented avenues of communication, rehabilitation and cognitive enhancement."
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Tether Evo is Tether's newest division that has just been launched, in addition to Tether Data, Tether Finance, Tether Power, and Tether Edu(cation). These divisions demonstrate Tether's efforts to expand their focus beyond simply offering digital money.
"Tether Evo is at the intersection of innovation and human potential, dedicated to propelling humanity toward a future where technology and human capabilities converge in unprecedented ways," said Tether.
Also read: Tether (USDT) Strengthens AI Focus, Recruits World's Top Talent
What is Blackrock Neurotech
Blackrock Neurotech, founded in 2008, is a pioneer in Brain-Computer Interface (BCI) technology. The company aims to help millions of people around the world who suffer from paralysis and nervous disorders.
Their device allows patients to control the device with just their thoughts.
In 2016, patient Nathan Copeland used Blackrock's BCI technology to control a robotic arm. Then, the arm collided with the President of the United States at that time, Barack Obama.
With an implant in his sensory cortex, Nathan can even "feel" President Obama's hand. Blackrock's technology has been used in other patients to translate entire words and sentences from brain signals, restoring speech to those who have lost their voice due to neuromuscular disease or injury.
Blackrock Neurotech was founded by scientist and BCI pioneer, Dr. Florian Solzbacher and Marcus Gerhardt, from the University of Utah. Currently, the company is headquartered in Salt Lake City, Utah.
"My life's dream is to help and restore function to people who have lost it, as well as advance technology that revolutionizes healthcare and the world around us," said Solzbacher, co-founder of Blackrock Neurotech, in a statement.
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"This ambitious, long-term endeavor requires a dedicated and visionary partner. With Tether's commitment to seeking and developing technologies that will help people and drive human progress, we couldn't dream of a better partner than Tether to make our shared vision a reality," added Solzbacher.
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