Tether has disclosed a $775 million strategic investment in Rumble, a video sharing platform, mere weeks after the latter announced its intention to incorporate Bitcoin into its balance sheet.
The world’s largest stablecoin by market valuation, Tether, has invested $775 million in Rumble, an alternative platform to YouTube that is renowned for not censoring content.
Tether CEO Paolo Ardonio expressed his strong convictions regarding the fundamental principles of financial and speech freedom in a post on X on December 20.
“Our strategic investment in Rumble significantly emphasizes Tether’s commitment to supporting technology and companies that empower humans, thereby delivering independence and resilience to our society,” Ardonio stated.
According to Ardonio, he is enthusiastic about the progress that Rumble CEO Chris Pavlovski and his staff have made and is eager to work together to establish a “common vision.” Tether and Rumble intend to establish a partnership that will focus on the development of advertising, cloud, and crypto payments solutions.
In a Dec. 20 X post, Pavlovski expressed a similar sentiment, stating that he is more enthusiastic about the future than he has ever been and plans to continue to challenge YouTube, the world’s largest video-sharing platform: “Be on the alert, YouTube. I intend to acquire your global monopolistic market share.”
According to Google Finance data, Rumble’s (RUM) share price experienced a 51.60% increase in after-hours trading following the announcement, reaching $10.90 at the time of publication.
Just days after Pavlovski hinted at the possibility on social media, Rumble verified its intention to incorporate Bitcoin into its balance sheet, according to Cointelegraph on November 25.
The video-sharing platform announced that its board of directors had approved the strategy, which involves the allocation of a portion of the company’s excess cash reserves to Bitcoin at the company’s discretion, with a maximum of $20 million.
With a referendum on X on November 19, Pavlovski hinted at the possibility of incorporating Bitcoin into Rumble’s balance accounts. Out of 43,790 votes, 93.9% of respondents voted in favour of the proposal.
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