Tether invests $200m in biotech firm Blackrock Neurotech

Stablecoin issuer Tether has invested $200 million in Blackrock Neurotech through its venture division, Tether Evo.

The investment positions Tether as the majority stakeholder in the biotech firm renowned for its advancements in brain-computer interface (BCI) technology. The funds will enhance Blackrock Neurotech’s ability to commercialize its medical tools and further its research and development initiatives.

The investment comes after Tether reported a record net profit of $2.9 billion in the fourth quarter of 2023.

“Blackrock Neurotech is just the beginning of our journey through Tether Evo to venture into projects that redefine the boundaries of what’s possible at the intersection of technological innovation and human potential,” Ardoino said, adding that Blackrock’s technology aims to enhance communication, rehabilitation, and cognitive functions.

Founded in 2008, Blackrock Neurotech is a leader in brain-computer interface technology that enables patients with paralysis and neurological disorders to control devices through thought. In 2016, Nathan Copeland used this technology to interact with former U.S. President Barack Obama.

Dr. Florian Solzbacher, co-founder of Blackrock Neurotech, sees the partnership with Tether as vital for advancing healthcare technologies.

Tether’s investment via its Tether Evo division is part of its expansion beyond stablecoins. The company has introduced additional divisions, such as Tether Data, Tether Finance, Tether Power, and Tether Education, to integrate technology and human potential.