Tether Injects IDR 12.5 Trillion into Rumble, YouTube Competitor
Tether, the world's largest stablecoin issuer (USDT), is investing US$250 million (IDR 12.5 trillion) into Rumble, a video streaming platform competing with YouTube. The funds will be used to support Rumble's growth and fund a tender offer of up to 70 million Class A common shares. In addition, Tether and Rumble plan a strategic collaboration in advertising solutions, cloud services, and crypto-asset-based payments.
Rumble CEO Chris Pavlovski called Tether's investment a major boost to the company's growth, while emphasizing Rumble's determination to take global market share from YouTube. Tether CEO Paolo Ardoino emphasized Tether's support for freedom of speech and finance as core values of this collaboration.
The announcement drove Rumble's shares (RUM) up 50% in after-hours trading, reaching US$10.90. On the other hand, while it is not clear whether Tether’s investment will be used to add Bitcoin (BTC) to Rumble’s balance sheet, the company has approved a $20 million allocation to Bitcoin as part of its diversification strategy.
