Tether Invests in CityPay.io to Enhance Payment Solutions in Eastern Europe
Zach Anderson May 08, 2024 16:12
Tether Operations Limited has invested in CityPay.io, a payment processing company in Georgia, to accelerate cryptocurrency adoption and introduce advanced technologies. The strategic partnership aims to provide seamless payment experiences for customers and businesses, with a projected user base of 400,000. Tether's CEO, Paolo Ardoino, is excited about the partnership.
Tether Operations Limited, the prominent stablecoin player in the digital asset industry, has announced an additional investment in CityPay.io. This strategic partnership aims to accelerate the adoption of cryptocurrency and introduce cutting-edge technologies in the region.
CityPay.io, a leading payment processing company, currently operates across more than 600 locations in Georgia. Tether's initial investment in 2023 marked a significant milestone as it became the first stablecoin to invest in CityPay.io. Building on this success, Tether's recent injection of funding further solidifies their collaboration.
The collaboration between Tether and CityPay.io aims to provide customers and businesses with a seamless payment experience, allowing them to conduct transactions using cryptocurrencies at popular establishments like Wendy's and Radisson Hotels. CityPay.io has ambitious plans to introduce innovative e-wallet and card solutions, with a projected user base exceeding 400,000 individuals. Additionally, the company intends to establish over 500,000 crypto payment points across the expansion regions.
Tether's investment will play a crucial role in supporting CityPay.io's growth in Eastern Europe, with a particular focus on countries such as Georgia, Armenia, Azerbaijan, Kazakhstan, and Uzbekistan. These emerging markets exhibit a growing demand for payment technologies and cryptocurrencies, making them ideal targets for Tether's strategic investment.
Paolo Ardoino, the CEO of Tether, expressed his excitement about the renewed collaboration, stating, "Our previous collaboration with CityPay.io yielded exciting results in expanding convenient cryptocurrency use across Georgia. With this second investment, we aim to build on those results and drive the adoption of cutting-edge technologies that disrupt traditional payment systems. We are thrilled to collaborate with CityPay.io again in our joint efforts to build a fairer, more connected, and accessible global financial system."
This latest development aligns with Tether's broader mission of promoting cryptocurrency adoption and education in emerging markets worldwide. The company remains committed to empowering communities and fostering a more interconnected and inclusive financial landscape, as demonstrated by their initiatives in Georgia and Uzbekistan.
To learn more about Tether's investment in CityPay.io and their ongoing endeavors, interested individuals can visit Tether.io.
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