Tether Invests $2 Million in Arcanum Capital Fund for Web3 Development

user avatar

by Giorgi Kostiuk

2 years ago

Tether, a prominent stablecoin issuer, has taken its first step into venture capital by investing $2 million into Arcanum Capital's fund focused on Web3 projects.

A New Investment Direction for Tether

Tether, one of the leading stablecoin issuers, has made a significant move into the venture capital space by investing $2 million in the Arcanum Emerging Technologies Fund II, managed by Arcanum Capital. This fund focuses on the development of decentralized technologies and is part of DigitalArray, highlighting Tether's growing interest in supporting and advancing new blockchain technologies.

Supporting Web3 and Blockchain Technologies

Arcanum Capital plans to utilize Tether's investment to develop Web3-focused projects that integrate artificial intelligence and blockchain technologies. Additionally, the goal is to improve USDT's utilization for payments and accelerate the development of projects using Holepunch technology, a platform for building peer-to-peer applications.

Expectations from the Partnership

Paolo Ardoino, CEO of Tether, expressed optimism about the collaboration with Arcanum Capital, believing that the partnership will lead to innovative tools that can empower people amid uncertainty. James McDowall, Managing Partner of Arcanum Capital, noted that Tether’s investment indicates confidence in their strategy and approach.

This investment emphasizes Tether’s commitment to fostering blockchain space growth and broadens its involvement in venture capital. The partnership with Arcanum could mark the beginning of more similar investments.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Metaplanet Shows Liquidity Management with Strategic Bitcoin Transactions

Metaplanet sold 10,000 BTC for approximately $790 million and bought back 11,000 BTC for around $950 million, demonstrating its ability to manage liquidity effectively.

user avatarSon Min-ho

Navra Secures $19 Million in Series A Funding to Bridge Traditional Finance and Blockchain

Navra, a startup led by Mike Cagney, has successfully raised $19 million in Series A funding to enhance access to blockchain-based financial markets for traditional investors.

user avatarZainab Kamara

Arbitrum Proposes Strategic Initiative for USDG Stablecoin

Arbitrum has proposed a governance initiative to back USDG as a core strategic stablecoin within its ecosystem, including adding 100 million ARB to enhance liquidity and adoption.

user avatarTando Nkube

BitGo and HashKey Cloud Expand Partnership in Asia-Pacific

BitGo and HashKey Cloud have expanded their partnership to cover multiple areas of institutional crypto infrastructure, including staking, trading, custody, and asset tokenization in Singapore.

user avatarAyman Ben Youssef

Winklevoss Asset Services Submits S1 for Zcash ETF

Winklevoss Asset Services has filed an S1 registration statement with the SEC for the Winklevoss Zcash ETF, aiming to provide direct exposure to ZEC.

user avatarKofi Adjeman

Kraken Pro Launches PreIPO Challenge for Oura and Moonshot Perpetual Futures

Kraken Pro has launched a trading competition for perpetual futures linked to Oura and Moonshot, running from October 6 to November 6, with a $10,000 prize pool based on trading volume.

user avatarNguyen Van Long

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.