Tether Amplifies Cryptocurrency Presence in Georgia: Invests in Payment Processor CityPay.io
Tether Operations Limited (USDT issuer), the driving force behind the highly adopted stablecoin blockchain platform tether.to, has magnified its presence in Georgia's cryptocurrency landscape through a strategic investment in CityPay.io. This leading payment processing company is active in over 600 locations nationwide, encompassing retail outlets, hospitality venues, and eateries.
With an increasing cryptocurrency demand and nearly 2.89% of Georgians owning some form of crypto, the country, host to 130 crypto ATMs, has been identified as the fourth most crypto-ready globally by Forex Suggest in 2022. Tether's investment in CityPay.io aligns with Georgia's commitment to becoming a crypto-friendly hub, aiding the seamless integration of crypto payments.
CityPay.io, offering streamlined payment experiences to customers of renowned brands like Wendy's and Radisson Hotels, among many others, will utilize Tether's investment to enhance its service offering and improve efficiency. This strategic move marks Tether as the first stablecoin to invest in CityPay.io, catalyzing a significant milestone in Georgia's payment processing industry.
The investment will bolster CityPay.io's ability to extend its operations and refine its services, with the goal of benefiting customers across Georgia and the Commonwealth of Independent States (CIS). Tether's Chief Technology Officer, Paolo Ardoino, emphasized the firm's commitment to the integration of a more connected and accessible financial system.
"We are excited to be working with CityPay.io to bring greater innovation and efficiency to the payment industry in Georgia," stated Ardoino. Eralp Hatipoglu, CEO of CityPay.io, echoed the excitement, expressing how Tether's investment will expedite the company's growth and extend its services to more Georgian customers.
This investment heralds Tether's expansion strategy in Georgia, reinforcing the company's dedication to revolutionizing the payment industry with more innovative initiatives expected to be announced soon