Tether strengthens its foothold in Eastern Europe with increased investment in CityPay.io, enhancing cryptocurrency accessibility across 2,000+ locations in Georgia.
Tether is set to expand its presence in Eastern Europe by boosting its investment in CityPay.io, a crypto payment processing resource. With its reach spanning over 2,000 locations in Georgia, the payment platform stands to benefit from Tether’s additional funding.
The company revealed this development in a recent press release. Interestingly, the latest funding follows Tether’s initial investment in CityPay.io in 2023, when it came into the limelight as Georgia’s “payment solutions provider.”
Tether Boosts Payment Solutions in Eastern Europe with Additional Investment in https://t.co/14g9wt7PCC ( @citypayio )https://t.co/WSL1GVRhzz
— Tether (@Tether_to) May 8, 2024
CityPay.io offers payment services for individuals and businesses through avenues such as cryptocurrency. Looking ahead, CityPay.io aims to introduce innovative e-wallet and card solutions within the next two years, targeting a user base of over 400,000 individuals.
In addition, the company plans to set up over 500,000 “crypto payment points” across strategic locations to boost expansion. Its innovative solutions and penchant for growth have captured the attention of Tether, eventually leading to the increased funding.
Meanwhile, the recent move is part of Tether’s goal of tapping into growing African and Asian markets. In June 2023, the company partnered with Yellowcard, an African fintech and cryptocurrency platform, to improve its stablecoin adoption in Africa.
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A Mission to Drive Regional Crypto Adoption
Tether’s latest investment aligns with CityPay.io’s expansion efforts in Eastern Europe and Asia. These regions present promising opportunities due to their growing utilization of payment technologies and cryptocurrencies.
Chainalysis’ 2023 Crypto Adoption Index revealed that Southeast Asia boasts the largest rate of cryptocurrency adoption in the world. In Eastern Europe, crypto adoption has seen an equal surge, with Ukraine leading the charge. Data from Triple A also confirms that about 2.89% of Georgians own cryptocurrencies.
Tether CEO Paolo Ardoino commented on the development, highlighting the company’s focus on emerging markets. He disclosed his satisfaction with the additional funding from the company.
. @Tether_to ramps up investments in payment infrastructure providers with deep focus on emerging markets.#bitcoin and $USDt are becoming the financial backbone for many developing countries.@citypayio has an impressive, efficient and committed team. I’m excited to reinforce… https://t.co/PURXjuT3EY
— Paolo Ardoino 🍐 (@paoloardoino) May 8, 2024
In an official statement, Ardoino expressed enthusiasm about collaborating with CityPay.io, emphasizing the advancement of technology to disrupt traditional payment systems. He added that this renewed partnership mirrors Tether’s pledge to improve cryptocurrency adoption and education.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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