- $200 million has been contributed to Blackrock Neurotech by Tether.
- The biotech company’s biggest shareholder at this point is the stablecoin issuer.
The stablecoin issuer Tether USDT -0.0044% has made a $200 million investment in Blackrock Neurotech, a biotech business that develops technologies to assist those suffering from neurological illnesses, paralysis, and lost function.
Tether’s recently established venture arm, Tether Evo, made the investment. The stablecoin issuer stated on Monday that Tether now has a majority share in Blackrock Neurotech as a result of the investment. According to Tether, the investment would support Blackrock Neurotech’s R&D as well as the commercialization and implementation of its medical solutions.
According to Tether CEO Paolo Ardoino, “Tether investments are made outside of the stablecoin reserves using company profits,” as reported by The Block. Published earlier this year, Tether’s most recent Q4 2023 attestation report revealed a record net profit of $2.9 billion.
According to a statement from Ardoino, Blackrock Neurotech is just the start of our journey through Tether Evo to take on initiatives that push the envelope of what’s possible at the nexus of technical innovation and human potential.
Tether has always supported cutting-edge technologies with the potential to change the world. Blackrock Neurotech’s Brain-Computer Interfaces are one such technology that may pave the way for novel applications in cognitive improvement, rehabilitation, and communication.
Tether has expanded its focus beyond stablecoin products with the recent creation of several divisions, including Tether Data, Tether Finance, Tether Power, and Tether Edu(cation). Tether Evo is the most recent of these divisions.
According to Tether, Tether Evo is committed to advancing humanity into a future where technology and human potential combine in previously unimaginable ways. It is situated at the nexus of innovation and human potential.
Blackrock Neurotech, a pioneer in brain-computer interface (BCI) technology, was founded in 2008. The company wants to help millions of people affected by neurological illnesses and paralysis worldwide. Patients can use its tools to think to control devices.
In 2016, patient Nathan Copeland gave then-President Barack Obama a fist bump using Blackrock’s BCI technology. Nathan’s ability to “feel” the President’s hand was made possible by the implants in his sensory brain.
According to Tether, Blackrock’s technology has been utilized on other patients to interpret complete phrases and sentences from brain impulses, providing a voice to individuals who have lost their capacity to speak as a result of neuromuscular disease or accident.
Dr. Florian Solzbacher and Marcus Gerhardt, two scientists and pioneers in BCI, formed Blackrock Neurotech, which is currently headquartered in Salt Lake City, Utah, out of the University of Utah.
Co-founder of Blackrock Neurotech Solzbacher said in a statement, “My life’s dream has been to help and restore function in people who have lost it and to advance technologies that revolutionize healthcare and the world around us.”
This is a long-term, ambitious project that needs committed, forward-thinking partners. We couldn’t imagine of a greater partner than Tether to realize our shared ambition because of its dedication to finding and developing technology that will benefit many people and advance humanity, Solzbacher continued.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
