PANews reported on January 12 that according to GlobeNewswire, Stacy Herbert, director of the National Bitcoin Office of the Presidential Office of El Salvador, revealed that Rumble, a video sharing platform and cloud service provider that received a strategic investment of approximately US$775 million from Tether, has reached a cloud service agreement with the Salvadoran government and will provide El Salvador with cloud storage (object and block storage), cloud computing, databases, load balancers and Kubernetes integration.
In December last year, Tether made a $775 million "strategic investment" in Rumble, and last month the video platform announced that it would allocate up to $20 million of its excess cash reserves to Bitcoin. Rumble said it would use $250 million of the funds to "support growth plans" and the remaining funds would be used to acquire up to 70 million Class A common shares at a price of $7.50 per share, the same price as Tether's investment. Rumble Chairman and CEO Chris Pavlovski will retain his controlling stake in the company and said that no more than 10 million shares will be sold, and Tether will purchase a total of 103,333,333 shares.
