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Tether Acquires Majority Stake in Blackrock Neurotech with $200M Investment

by BSC News

April 29, 2024

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This investment will support the commercialization and further development of Blackrock's medical devices.

Tether, the issuer of the well-known stablecoin USDT,ย invested $200 million to acquire a majority stake in Blackrock Neurotech. The investment, amounting to $200 million, was made through Tether's venture capital arm, Tether Evo.ย 

Blackrock Neurotech, established in 2008, is at the forefront of brain-computer interface (BCI) technology, designing systems that allow patients to control devices directly with their thoughts.

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Blackrock Neurotech has made notable advances in BCI technology, particularly in aiding individuals with severe physical disabilities. With their technology, people who are paralyzed or have neurological disorders can operate robotic arms, maneuver wheelchairs, and even drive cars using just their minds.

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One of the landmark achievements of Blackrock Neurotech came in 2016 when patient Nathan Copeland used a Blackrock BCI to control a robotic arm and fist-bumped former U.S. President Barack Obama.

Funding Future Innovations and Commercialization

The substantial investment from Tether will primarily fund the rollout and commercialization of Blackrock Neurotechโ€™s medical devices. Additionally, it aims to bolster research and development efforts to keep the company at the forefront of the BCI field.ย 

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Paolo Ardoino, CEO of Tether, expressed enthusiasm about the new partnership, stating that Blackrock Neurotech is just the beginning of Tether's journey to support projects at the intersection of technological innovation and human potential.ย 

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"Blackrock Neurotech represents a leap towards a future where technology not only complements but enhances our human experience, and we at Tether are proud to begin this journey with them,โ€ Ardoino said.

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Co-founder of Blackrock Neurotech, Florian Solzbacher, also commented on the partnership, highlighting the need for visionary partners like Tether to help restore functional abilities in people.

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article

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