According to a recent report by Bloomberg, Japanese financial giant Softbank Group is on track to participate in the massive funding round of stablecoin behemoth Tether.
Recently, it was reported that Tether was preparing to rake in roughly $500 billion worth of crypto, which would make it one of the biggest private companies with a valuation of up to $20 billion.
Cathie Wood’s Ark Investment is also among the participants in the funding round.
Softbank and crypto
Softbank Group’s Masayoshi Son, who is currently the third-richest person in Japan with a net worth of $21.3 billion, has had a rather complicated relationship with crypto.
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As reported by U.Today, Son placed a big bet on Bitcoin at the peak of the market, and ended up taking a $130 million loss after the leading cryptocurrency experienced a substantial correction.
He later acknowledged that he did not fully understand the leading cryptocurrency.
However, Softbank recently became actively involved in crypto. Earlier this year, it joined forces with Tether and Bitfinex to found a cryptocurrency venture called “Twenty One Capital.”