- Reports indicate that Northern Data AG, one of Europe’s largest Bitcoin mining companies, recently announced that it has entered into a substantial credit agreement with the Tether group.
- This uncollateralized credit is offered under standard market conditions and includes a futures contract that lasts until January 1, 2030.
- According to a report by COINOTAG, stablecoin issuer Tether has announced significant gains in its financial stability.
Northern Data AG, one of Europe’s largest Bitcoin mining companies, announced that it has signed a massive loan agreement with Tether.
European Miner Partners with Tether
Reports suggest that Northern Data AG, one of Europe’s largest Bitcoin mining companies, along with its subsidiaries, announced that it entered into a credit agreement with the Tether group, a blockchain platform founded by a group of Bitcoin enthusiasts in 2014.
On November 2, 2023, the above information was made public in accordance with Article 17 of the EU MAR Regulation. Northern Data AG and its subsidiaries, collectively referred to as the Northern Data Group, entered into a credit agreement with the Tether group and provided substantial debt financing of 575 million euros as of November 2.
This uncollateralized credit is offered under standard market conditions and includes a futures contract that lasts until January 1, 2030. Furthermore, the new debt financing allows the Northern Data Group to make additional investments in all of its subsidiaries, including Taiga Cloud, Ardent Data, and Peak Mining, thus promoting further growth and development.
Moreover, these investments focus on acquiring more sophisticated hardware that enables the expansion of the Northern Data Group’s Taiga cloud business as a Generative Artificial Intelligence Cloud Service Provider across Europe.
The new financing regime also aims to expand the Northern Data Group’s data center portfolio and grow the Ardent Data Centers branch, which is the Group’s data center infrastructure business. Additionally, the Northern Data Group plans to use the financing to expand its specially developed liquid cooling mining technology through its mining subsidiary, Peak Mining.
Tether on the Rise
According to a report by COINOTAG, stablecoin issuer Tether has announced significant gains in its financial stability. The 3rd-quarter attestation report of the stablecoin issuer indicates that almost 85.7% of its total reserves are held in cash and cash equivalents.
This figure represents the highest level in the company’s history and underscores Tether’s mission to maintain liquidity and stability in the crypto world. As a result, the Tether price experienced slight gains in the last 24 hours, rising by 0.03% to reach $1. Investors and traders are considering the potential price implications of this recent announcement.
