Tether invests $200 million in biotech firm Blackrock Neurotech

PANews reported on April 29 that according to The Block, the stablecoin issuer Tether has invested $200 million in Blackrock Neurotech, a biotechnology company dedicated to developing tools to help patients with paralysis, loss of function and neurological diseases.

The investment was made through Tether's newly established venture capital unit Tether Evo. The stablecoin issuer said on Monday that through this investment, Tether is now a majority shareholder in Blackrock Neurotech. Tether added that the investment will help Blackrock Neurotech fund the commercialization and promotion of its medical solutions and assist in its research and development work.

Tether CEO Paolo Ardoino said: "Tether investment is made outside of stablecoin reserves using company profits." Tether Evo is the latest of Tether's recently launched departments (Tether Data, Tether Finance, Tether Power and Tether Education), which are expanding the company's focus beyond stablecoin products.