Tether Expands Crypto Payments in Eastern Europe with Investment in CityPay.io
Tether Operations Limited, the issuer of the USDT stablecoin, announced today its plans to enhance its presence in Eastern Europe by investing further in CityPay.io.
Tether has officially confirmed its additional investment in CityPay.io, a platform that allows users to make payments with cryptocurrencies such as Bitcoin at various establishments, including Wendy’s and Radisson Hotels.
As of May 2024, CityPay.io has over 600 locations in Georgia and aims to introduce its own e-wallet and card solutions within the next two years. The company also plans to establish more than 500,000 crypto payment points in the expansion regions.
Paolo Ardoino, CEO of Tether, expressed his enthusiasm about the collaboration, stating that this new funding initiative builds upon Tether’s previous investment in CityPay.io in 2023, making Tether one of the first stablecoin firms to invest in the company.
In October 2023, CityPay.io integrated Tether for payments on the Polygon network. Additionally, in September 2023, Tether CEO Ardoino met with government officials in Georgia to strengthen Tether’s presence in the country.
Tether’s expansion in the digital asset space has been driven by strategic partnerships and platform launches, indicating a move beyond stablecoin offerings into broader realms of innovation.
Just last month, Tether partnered with digital asset infrastructure provider Fuze to advance education and awareness about digital assets in Turkey and the Middle East. The collaboration, formalized through a Memorandum of Understanding (MoU), covers various aspects of digital asset education, including cross-border payment solutions, regulatory compliance, framework development, and education for local financial institutions.
As Tether diversifies its focus with initiatives like Tether Evo, the company is pushing the boundaries to create a future where technology and human capabilities converge in unprecedented ways.
Tether’s recent launch on TON, the 11th blockchain to host Tether, is a significant milestone in expanding accessibility and usability for users worldwide. With the rapid issuance of $60 million worth of USDT, TON’s integration highlights Tether’s commitment to enhancing its ecosystem.
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