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Tether Expands Into Artificial Intelligence
Tether, the blockchain company renowned for its USDT cryptocurrency, revealed its plans to delve into the realm of artificial intelligence on Tuesday. The primary objective of this strategic move, as stated by Tether, is to propel the accessibility and efficiency of artificial intelligence technologies.
Tether articulated that its focus on artificial intelligence will encompass the development of open-source, multimodal AI models as well as the establishment of new industry benchmarks. Paolo Ardoino, the CEO of Tether, emphasized the transformative potential of artificial intelligence, asserting, “Artificial intelligence stands poised to revolutionize nearly every facet of our lives, both in the real and digital worlds.” He further highlighted the synergy between Tether’s vision and the resilient, high-performance technologies of Northern Data Group.
Concurrently with the AI initiative, Tether disclosed a series of new AI-centric roles within its Tether Data division. These positions, including AI Engineer and Head of AI Research and Development, are predominantly remote-based, although Tether specified office locations in Paris, Madrid, London, and Milan.
Investment in Northern Data Group
In a significant financial move, Tether directed an investment of $622.6 million towards Northern Data Group, based in Frankfurt, Germany. Noteworthy for its expertise in generative AI cloud platforms, Bitcoin mining operations, and data center infrastructure provision, Northern Data Group aligns with Tether’s strategic direction in championing transparency and privacy in AI model development.
Amid escalating concerns surrounding the monopolization of AI technologies by tech giants, Tether’s foray into AI underscores a commitment to fostering a more equitable landscape within this burgeoning domain.
Stability Amid Market Volatility
Originally established in 2014 as “Realcoin” and subsequently rebranded as Tether, USDT has emerged as the third-largest cryptocurrency by market capitalization, trailing only behind Bitcoin and Ethereum. Unlike the meteoric price fluctuations witnessed in Bitcoin and Ethereum, with record highs of $73,737 and $4,878 respectively, USDT remains a stablecoin designed to maintain a peg to the U.S. dollar.
As an exemplar of stablecoins, USDT plays a pivotal role in offering stability amidst the volatility prevalent in the cryptocurrency market. Against the backdrop of AI’s pervasive impact across diverse sectors, the intersection between AI and cryptocurrencies is becoming increasingly pronounced.
While USDT is not inherently an AI-focused cryptocurrency, the recent surge in AI tokens and the broader cryptocurrency market following the introduction of Bitcoin ETFs in January attests to the growing convergence between AI and digital assets. Notable examples include Fetch AI’s FET token, SinguralityNET’s AGIX, and Ocean Protocol’s OCEAN, each demonstrating significant upticks in trading value over the week.
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