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.