Tether poured 775 million USD into Rumble when profits reached 10 billion

Tether, the global leader in the stablecoin market, has strategically earmarked $775 million to invest in Rumble, an emerging video sharing platform, positionin...

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Tether, the global leader in the stablecoin market, has strategically earmarked $775 million to invest in Rumble, an emerging video sharing platform, positioning itself as a decentralized alternative to YouTube. .

This significant investment comes at a time when Tether’s profits are skyrocketing, with earnings surpassing $10 billion this year.

On December 20, the USDT issuer announced a $775 million strategic investment in Rumble, a Bitcoin holding video sharing platform and cloud service provider.

According to declarethe offering includes initial funding of $250 million for Rumble and a proposal to purchase up to 70 million shares at $7.50 each, for a total value of $775 million. However, Rumble President and CEO Chris Pavlovski still retains control of the company.

Paolo Ardoino, CEO of Tether, expressed that this investment reflects both companies’ commitment to decentralization, transparency and freedom. He emphasized Rumble’s role as a trusted platform that challenges the current position of mainstream media, which has faced a decline in trust.

“Tether believes deeply in the fundamental values of free speech and financial freedom. Our strategic investment in Rumble underscores Tether’s focus on supporting technology and companies that empower people, bringing independence and resilience to our society,” said Ardoino. comment.

Meanwhile, Pavlovski sees this financial support as a tool to compete directly with YouTube. The reality is that YouTube is the dominant video sharing platform globally with approximately 2.5 billion monthly active users as of March 2024.

“YouTube, get ready. I am aiming for your exclusive share of the global market,” Pavlovski confirm.

Tether Stablecoin Tokens in Circulation. Source: Tether

Tether, primarily known for its stablecoin USDT which has a market capitalization of around $140 billion, has significantly expanded its portfolio this year. The company has ventured into various sectors, including agriculture, Bitcoin mining, artificial intelligence, and education.

In a recent interview with Bloomberg, Ardoino shared that Tether will end the year with profits exceeding $10 billion. He also mentioned that the company has reinvested more than half of these profits to strengthen its position in the stablecoin market, including recent investments in European stablecoin projects StablR and Quantoz.

Looking ahead, Ardoino announced plans to invest more of its profits in artificial intelligence. On social network platform X, the CEO said that the company will launch its AI platform in early 2025. This initiative is expected to expand Tether’s technological footprint and open up new growth opportunities in emerging market.