Crypto

Tether Invests $100 Million in Agriculture Firm

Tether, the issuer of the world’s largest stablecoin, has invested $100 million to buy a 9.8% stake in Adecoagro, a agro-tech firm in Latin America. This is Tether’s first move into the agriculture and food industry.Tether Invests $100 Million in Agriculture Firm

Tether usually invests in technology, including artificial intelligence, Bitcoin mining, and digital education. This new investment in Adecoagro marks a shift toward agriculture.

According to a filing with the US Securities and Exchange Commission, Tether used money from its own funds for this investment. The company now owns 10,048,249 shares of Adecoagro, which is almost 10% of the company’s total shares.

You can read more Crypto articles

Adecoagro, which started in 2002, is a major milk producer in Argentina, processing 550,000 liters per day at its Buenos Aires plant. The company also works in sugar, ethanol, and energy in Brazil.

Alongside this investment, Tether is also planning to launch a new stablecoin linked to the United Arab Emirates dirham (AED) with partners Phoenix Group and Green Acorn Investments. This new stablecoin will be backed by reserves from the UAE.Tether Invests $100 Million in Agriculture Firm

With this new investment, Tether seems to be expanding its focus beyond digital assets and technology.

Follow HiTrend on X

Rate this post
See also  NCR Atleos Launches LibertyX Bitcoin-to-Cash ATM Feature

Trend Admin

Stay with us for all the trend news of the day

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button