Tether Amplifies Crypto Adoption in Eastern Europe with Additional Investment in CityPay.io
Summary:
Tether, a leader in stablecoins, is further investing in Georgia-based crypto payment provider CityPay.io, continuing its focus on enhancing cryptocurrency adoption in Eastern Europe. The investment will help CityPay.io's expansion into countries like Georgia, Armenia, Azerbaijan, Kazakhstan, and Uzbekistan. The goal is to establish over half a million cryptocurrency payment points across these expansion areas. In the future, CityPay.io plans to introduce e-wallet and card solutions, reinforcing cryptocurrency convenience across these regions.
Tether, the major stablecoin corporation, is intensifying its focus on Eastern European cryptocurrency adoption with a further financial boost to Georgia's crypto payment firm CityPay.io. The formal proclamation of this additional investment into CityPay.io, who make it possible for customers to use cryptocurrencies such as Bitcoin (BTC) for payments at venues like Wendy’s and Radisson Hotels, came on May 8. This financial backing is intended to enhance CityPay.io's ongoing Eastern European growth strategy, concentrating on nations including Georgia, Armenia, Azerbaijan, Kazakhstan, and Uzbekistan. As of May 2024, CityPay.io operates in over 600 locations in Georgia and is on track to introduce individual e-wallet and card solutions within two years. The company also has grand plans to set up half a million cryptocurrency payment points across the selected expansion areas. The latest funds follow on from Tether's initial 2023 investment into CityPay.io, which marked Tether as a pioneer in stablecoin firms supporting the company. Tether CEO Paolo Ardoino remarked on the exciting progress made in expanding cryptocurrency convenience across Georgia from their prior partnership with CityPay.io. He continued: "With this sequential investment, we hope to build on those foundations and drive the embrace of innovative technologies that challenge traditional payment methods." Since last year's primary investment announcement, CityPay.io and Tether have been working closely together. During October 2023, CityPay.io introduced Tether payments on the Polygon platform. Additionally, CEO Ardoino engaged with Georgian government institutions in September 2023 as part of Tether's increasing presence in the country. In June 2023, Tether and the Georgian government came together to sign an agreement outlining the development of Bitcoin and P2P infrastructure within Georgia. Georgia, once part of the Soviet Union, now stands as one of the globe's most conducive places for cryptocurrency, with local government plans to transform the country into a major international cryptocurrency center. Besides Tether, Georgia has attracted numerous significant cryptocurrency organizations including Binance, which established a blockchain center within the country in 2023. Georgia is renowned for its large number of Bitcoin ATMs, which offer users the ability to exchange cryptocurrencies into cash and back again. Current data from CoinATMRadar state that Georgia's capital, Tbilisi, is home to 132 Bitcoin ATMs.
Published At
5/8/2024 5:09:47 PM
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