Tether Steps Into AI: What’s on Offer?

Stablecoin, USDT, issuer, Tether has announced plans to venture into artificial intelligence (AI) on March 26

At the core of Tether’s AI initiative lies the development of open-source, multi-modal AI models with its new subsidiary, Tether Data. With these models Tether aims to revolutionize various aspects of the industry, promising enhancements in efficiency, transparency, and security across Tether’s platform

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Areas of Focus

The purpose of Tether Data is to pioneer the development of open-source, multimodal AI models, enabling innovation and accessibility through the use of AI technology. As part of this initiative, the company will also work with market-driven products to integrate AI solutions into their products, leveraging the technology to address real-world problems.

Finally, Tether Data aims to advance open AI by showcasing its innovative projects in the broader eco through community contributions.

To realize its ambitious goals, Tether is reportedly recruiting top talents from around the world to strengthen its AI department. The stablecoin issuer seeks to maintain its position at the forefront of technological innovation in the financial sector by assembling a diverse team of experts.

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History of Investments

Tether’s entry into AI represents a strategic move for the company, building upon its history of investments in sectors such as renewable energy, peer-to-peer telecommunications, and bitcoin mining. With concerns surrounding the monopolization of AI technologies by tech giants such as Microsoft, Facebook, and Google, Tether Data has amplified privacy and transparency with the recent move

The recent announcement comes after Tether (USDT) achieved a remarkable milestone by surpassing a market cap of $100 billion on March 4, 2024, demonstrating 9% growth year-to-date.

A16Z Crypto announced 25 early-stage startups that will participate in its 2024 Crypto Startup Accelerator (CSX) program, which will begin in London in spring 2024. A total of eight countries will participate in the 10-week program: the United States, the United Kingdom, Israel, Japan, Poland, Romania, Switzerland, and the United Arab Emirates

The founders of the projects will learn from each other and receive guidance and resources from the a16Z Crypto team to help their projects develop toward market launch

Here, we highlight our top three picks from the esteemed A16Z cohort:

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1. Magicblock: Simplifying Blockchain Gaming on Solana/SVM

With Magicblock, developers can create on-chain games on the Solana/SVM platform using a powerful open-source framework. Magicblock Labs developed and maintains this framework with an MIT license, allowing developers to quickly create blockchain-based mobile games

As part of Magicblock, developers have access to APIs, libraries, and sample projects, making it easier to integrate Solana’s fast and low-cost transactions into their games

Noteworthy features include Unity Integration, enabling seamless incorporation of Solana’s capabilities into Unity projects, and a commitment to open-source principles, aiming to bring on-chain gaming to the mainstream.

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2. Launchcaster: Web3 Discovery and Engagement

Launchcaster introduces a Web3 social media dapp aiming to revolutionize project discovery and community engagement within the decentralized landscape. With the help of Farcaster, a decentralized social network, and Lens, Launchcaster provides users with a curated platform to discover and share Web3 projects free of spam and scams

Using Launchcaster, users can discover projects across multiple domains, creating a vibrant eco for collaboration and innovation. Notable recent projects featured on Launchcaster include Onvote, Ketl, Hypersub, Warpcast Boosts, and more.

3. OpenTrade: Decentralized Finance (DeFi) for Global Credit Markets

OpenTrade emerges as a pioneering force in decentralized finance, aiming to revolutionize global credit markets through innovative blockchain solutions As an open-source cryptocurrency exchange built on Circle’s DeFi infrastructure, OpenTrade aims to promote inclusivity, transparency, and efficiency

Key offerings include tokenized treasury bills, lending and yield products, and digital collateral solutions