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Home > News > AI
Published: 27/03/2024
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Author: Kane
Tether Expands Investment Portfolio into AI Category
Tether, the largest stablecoin issuer in the cryptocurrency market, is planning to expand its operations into the field of artificial intelligence (AI) after making inroads into Bitcoin mining and P2P transaction infrastructure.
Azcnews Breaking
In a recent announcement on March 26, 2024, Tether declared a strategy focused on AI to assert its pioneering position in this field. This move underscores Tether’s commitment to promoting the accessibility and efficiency of AI, reinforcing its leading role in shaping the future of technology.
With a market capitalization exceeding $100 billion for its flagship stablecoin USDT and a reputation for strategic investments in various areas such as Bitcoin mining, P2P infrastructure, etc., Tether continues to affirm its innovative credentials with a new AI product called “Tether Data.”
The focus of Tether Data’s AI will concentrate on the following key areas:
Tether Data will pioneer the development of multi-modal AI models, open-source, to establish new standards, promote innovation, and enhance the accessibility of AI.
Tether Data will lead collaborations to seamlessly integrate AI solutions into market-oriented products, leveraging technology to address real-world challenges.
Tether Data actively engages with a broader community through contributions, fostering open AI while introducing its creative projects.
Tether Data also announced a large-scale global recruitment effort to seek talent for its rapidly developing AI department. Expanding into advanced technology fields marks a significant milestone for the company.
Paolo Ardoino, Chief Executive Officer of Tether, stated:
AI is expected to revolutionize almost every aspect of real and digital life. Our investment in the Northern Data Group aligns with Tether’s vision of resilient technology and high performance.
Today’s announcement establishes a new division within Tether, redefining the boundaries of AI and democratizing AI technology to ensure privacy rights, while setting standards for innovation, utility, and transparency in the industry.
Notable AI-related tokens include: Worldcoin (WLD), Fetch.ai (FET), Axelar (AXL).
Related: Tether (USDT) Supply Surpasses $100 Billion Milestone
Introduction Tether (USDT)
Tether
Tether’s digital currency is symbolized as ₮ and referred to as Tether token or Tether coin. Each Tether token is backed by an equivalent amount of fiat currency in Tether Operations’ reserve, ensuring price stability. To date, Tether has issued three types of tokens corresponding to three fiat currencies: USD₮ (US dollar), EUR₮ (euro), and CNH₮ (Chinese yuan).
Currently, Tether holds over 69% of the stablecoin market share, far surpassing USDC, DAI, and FDUSD. In 2023, Tether’s success was attributed to its investment strategy of USDT assets into US Treasury bonds, generating a profit of $6.2 billion. The company utilizes this profit to establish a USDT reserve fund and invest in Bitcoin, gold, and other initiatives.
All of Tether’s US bonds are held by Cantor Fitzgerald. The CEO of Cantor Fitzgerald affirmed Tether’s sufficient asset backing for USDT value and expressed confidence in Tether’s model.
Therefore, the trajectory of the largest stablecoin issuer is expected to drive growth for AI coins, which are highly appealing to investors following the Nvidia GTC AI 2024 event.
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Home > News
Published: 27/03/2024
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Author: Kane
Kucoin Faces FUD, KSC Price Plummets Instantly
Recently, the Kucoin exchange has been indicted by the U.S. Department of Justice for involvement in illegal trading activities, totaling up to $9 billion. Immediately after, the KCS token plummeted by 25%.
Azcnews Breaking
The U.S. Department of Justice (DOJ) has announced serious charges against the global cryptocurrency exchange KuCoin, along with its two founders, Chun Gan (Michael) and Ke Tang (Eric). According to DOJ figures, KuCoin has received and processed over $9 billion in transactions from illegal sources.
The indictment accuses KuCoin of being an illegal money transfer business and serious violations of the Bank Secrecy Act. Founders Gan and Tang are accused of directing the exchange to circumvent anti-money laundering and counter-terrorism financing programs, failing to conduct customer identity verification (KYC) procedures, or report activities as required.
According to the indictment, financial institutions like KuCoin need to comply with U.S. law to help detect and prevent crimes and other corruption conspiracies. However, KuCoin not only operates illegally in the U.S. but also has become a “haven” for money laundering and financing for criminals in the financial market.
In parallel with the DOJ’s indictment, the Commodity Futures Trading Commission (CFTC) has also filed a civil lawsuit against KuCoin. The CFTC accuses KuCoin of providing both spot and derivative trading services without proper registration and violating the commission’s KYC requirements.
Homeland Security Investigations Special Agent Darren McCormack described KuCoin as “a multibillion-dollar criminal conspiracy,” seeing it as one of the largest cryptocurrency exchanges today.
Latest Update: KuCoin Considers Ceasing Operations and Selling Exchange. KuCoin Under Criminal Investigation by the United States in 2023 and Subject to Multiple Investigations in China.
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Kucoin and Price Volatility
KuCoin was founded in September 2017 by Gan and Tang, operating under three different entities: FLASHDOT LIMITED, PEKEN GLOBAL LIMITED, and PHOENIXFIN PRIVATE LIMITED.
It is a well-known centralized exchange (CEX) with over 649 cryptocurrencies traded and more than 8 million users worldwide. The exchange offers various services such as spot trading, margin trading, derivatives, lending, trading bots, and its own token, KCS.
Following the investigation, the price of the KCS token dropped by 25%.
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