Tether invests $200 million in biotech firm Blackrock Neurotech

Stablecoin issuer Tether USDT -0.056% has invested $200 million in Blackrock Neurotech, a biotech company that builds tools to help people afflicted with paralysis, lost function, and neurological disorders.

The investment was made through Tether's newly formed venture division Tether Evo. With the investment, Tether is now the majority stakeholder in Blackrock Neurotech, the stablecoin issuer said Monday. The investment will help Blackrock Neurotech fund the commercialization and roll-out of its medical solutions and aid its research and development efforts, Tether added.

"Tether investments are made outside of the stablecoin reserves using company profits," Tether CEO Paolo Ardoino told The Block. Tether reported a record net profit of $2.9 billion in its latest Q4 2023 attestation report published earlier this year.

“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 in a statement. "Tether has long believed in nurturing emerging technologies that have transformative capabilities, and the Brain-Computer-Interfaces of Blackrock Neurotech have the potential to open new realms of communication, rehabilitation, and cognitive enhancement.”

Tether Evo is the latest in Tether’s recently launched divisions , such as Tether Data, Tether Finance, Tether Power, and Tether Edu(cation), which are expanding the company’s focus beyond stablecoin offerings.

“Tether Evo stands at the intersection of innovation and human potential, dedicated to propelling humanity into a future where technology and human capabilities merge in unprecedented ways,” Tether said.

What is Blackrock Neurotech?

Founded in 2008, Blackrock Neurotech is a pioneer in brain-computer interface (BCI) technology. The company aims to assist millions worldwide affected by paralysis and neurological disorders. Its tools enable patients to control devices with their thoughts.

In 2016, patient Nathan Copeland used Blackrock's BCI technology to control a robotic arm and fist bump then U.S. President Barack Obama. With the implants in his sensory cortex, Nathan was even able to “feel” the President’s hand. In other patients, Blackrock’s technology has been used to decode entire words and sentences from brain signals to give a voice to those who have lost their ability to speak due to neuromuscular disease or injury, Tether said.

Blackrock Neurotech was founded out of the University of Utah by scientists and BCI pioneers Dr. Florian Solzbacher and Marcus Gerhardt and is now based in Salt Lake City, Utah.

“My life’s dream has been to help and restore function in people who lost it and to advance technologies that revolutionize healthcare and the world around us,” Solzbacher, co-founder of Blackrock Neurotech, said in a statement. “This ambitious, long-term endeavor requires dedicated and visionary partners. With its commitment to seeking out and nurturing technology that will help many people and push mankind forward, we couldn´t dream of a better partner than Tether to bring our shared vision to life,” Solzbacher added.