Tether, the company behind USDT stablecoin, has loaned $610 million to Bitcoin mining company Northern Data under debt financing facility.
The funding will enable Norther Data Group to make investments in its businesses across cloud, data and mining facilities.
In an official release, the company announced the deal was secured in euro (EUR 575 million) which has a term until January 1, 2030.
Northern Data will be using a portion of this financing to scale Peak Mining, its Bitcoin mining subsidiary, which will be enabled with additional hardwares of liquid cooling technology.
The company also intends to use funds for hardware upgradation for Taiga Cloud in order to expand its offering within generative AI space in Europe. It will also upgrade the company’s existing data centers and operations using funds.
In September, Tether announced investment in Northern Data Group where it did not reveal the actual amount and said to invest strategically into the company.
Also Read: Tether Secures $74B in Cash Reserves, Reduces Reliance on Loans
