Stablecoin giant Tether has made a significant investment of $775 million in Rumble, a video sharing platform and cloud service provider. The deal includes an initial injection of $250 million to fuel growth initiatives. According to CEO Paolo Ardoino, the investment aligns with Tether’s values of decentralization, independence, transparency, and free expression.
Tether’s backing will provide Rumble with the necessary resources to challenge YouTube’s dominance in the video hosting market. The deal also reflects Tether’s commitment to empowering technologies that promote freedom and challenge centralized systems.
The partnership has sent shockwaves through the stock market, with Rumble’s NASDAQ shares soaring by 40% on the premarket. Chris Pavlovski, Rumble’s Chairman and CEO, hailed Tether as a “perfect partner” who will help propel his company to new heights.
Tether is expected to log a record $10 billion in net profit in 2024, with plans to redistribute half of this amount towards further investment initiatives. The stablecoin giant also announced plans to launch its own artificial intelligence platform in Q1 2025, which will enable smartphone users to leverage AI developments.
This significant investment marks Tether’s latest move to support decentralization and innovation in the tech industry. With Rumble as its new partner, Tether is poised to continue its journey of empowering technologies that promote freedom and challenge centralized systems.
Source: https://u.today/775000000-tether-invests-whopping-sum-in-video-platform-rumble