Tether’s latest investment aims to disrupt traditional payments in emerging markets.
Tether today announced an additional investment in CityPay.io to strengthen its Eastern European presence. The funding will enhance the payment processor’s reach in over 600 Georgian locations, according to the announcement.
“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,” said Paolo Ardoino, CEO of Tether. “We are thrilled to collaborate with CityPay.io again in our joint efforts to build a fairer, more connected, and accessible global financial system.”
CityPay.io powers traditional institutions with infrastructure to receive payments in crypto, and became the first stablecoin-backed entity to receive funding from the company. Their services reach 400,000 users currently, and the company also plans to create over 500,000 crypto payment points in its expansion efforts.
Tether’s financial support is crucial for CityPay.io’s growth in key markets such as Georgia, Armenia, Azerbaijan, Kazakhstan, and Uzbekistan, tapping into the increasing demand for advanced payment technologies and crypto.
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