Stablecoin issuer Tether invested $200 million in Blackrock Neurotech to take a majority stake in the brain-to-computer interface startup.
The Salt Lake City-based company creates brain-to-computer interfaces and implants that allow people to control computers and neuroprosthetics. The company had only raised $10 million before the new round from Tether, according to Crunchbase, and values Blackrock Neurotech at about $350 million, per Reuters.
The deal is the latest headline concerning brain-computer interface technology, which has been pushed by Elon Musk’s Neuralink. That company recently live-streamed a quadriplegic man playing video games using its implant. It has raised nearly $700 million, per Crunchbase.
Investing in innovation
Tether’s investment in Blackrock Neurotech came from its recently launched Tether Evo arm, which is “dedicated to propelling humanity into a future where technology and human capabilities merge in unprecedented ways,” per its website.
“Blackrock Neurotech is just the beginning of our journey through Tether Evo to venture into projects that redefine the boundaries of what’s possible at the intersection of technological innovation and human potential,” said Paolo Ardoino, CEO of Tether. “Tether has long believed in nurturing emerging technologies that have transformative capabilities, and the brain-computer-interfaces of Blackrock Neurotech have the potential to open new realms of communication, rehabilitation and cognitive enhancement.”
Tether is getting into investing after stockpiling earnings from its stash of U.S. Treasuries and other financial instruments it holds to back its USDT stablecoin, per Bloomberg. USDT is designed to maintain a value of the U.S. dollar.
Illustration: Dom Guzman
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