Tether's co-founders will raise $1 billion through M3-Brigade to establish a Cryptocurrency reserve fund.

According to Bloomberg, Tether co-founder Reeve Collins and CC Capital (an investment firm founded by former Blackstone Group Private Equity co-head Chinh Chu) are raising $1 billion through special purpose acquisition company M3-Brigade Acquisition V Corp. to establish a crypto asset reserve fund. The fund will allocate to various digital assets such as Bitcoin, Ethereum, and Solana, with former U.S. Secretary of Commerce Wilbur Ross and Binance director Gabriel Abed serving as vice chairmen, and former Hut 8 Mining CEO Jaime Leverton as CEO. In addition, the company plans to rebrand. [Foresight News]