Tether Boosts Crypto Payments in Eastern Europe with Investment in CityPay.io

Twitter icon  •  Published vor 1 Monat  •  Nikolas Sargeant

Tether Operations Limited, the USDT stablecoin issuer, disclosed today its plans to expand its presence in Eastern Europe through further investment in CityPay.io.

On May 8, Tether officially declared its injection of additional investment into CityPay.io, a platform enabling users to make payments at various establishments, including Wendy’s and Radisson Hotels, using cryptocurrencies like Bitcoin. As of May 2024, CityPay.io boasts over 600 locations in Georgia and plans to introduce its own e-wallet and card solutions within two years.

The company also plans to establish over 500,000 crypto payment points across the designated expansion regions. Paolo Ardoino, CEO of Tether, expressed excitement about the 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.”

This latest funding initiative builds upon Tether’s previous investment in CityPay.io in 2023, when Tether became one of the world’s pioneering stablecoin firms to invest in the company. In October 2023, CityPay.io introduced the integration of Tether for payments on the Polygon network. Additionally, in September 2023, Tether CEO Ardoino met with governmental structures in Georgia to bolster Tether’s presence in the country.

Tether Continues to Expand Through Strategic Partnerships

Meanwhile, Tether has been expanding its presence in the digital asset space through strategic partnerships and platform launches, signaling a broader shift beyond stablecoin offerings towards innovation. Last month, Tether collaborated with digital asset infrastructure provider Fuze to advance digital asset education and awareness in Turkey and the Middle East.

The partnership, formalized through a Memorandum of Understanding (MoU), focuses on various aspects such as cross-border payment solutions, compliance, regulatory framework development, and education for local financial institutions. With initiatives like Tether Evo, the company is diversifying its focus, pushing boundaries to shape a future where technology and human capabilities converge in unprecedented ways.

Tether’s recent launch on TON, the 11th blockchain to host Tether, represents a significant milestone in expanding accessibility and utility for users worldwide, underlining Tether’s commitment to enhancing its ecosystem.

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Nikolas Sargeant

Nik is a content and public relations specialist with an ever-growing interest in Crypto. He has been published on several leading Crypto and blockchain based news sites. He is currently based in Spain, but hails from the Pacific Northwest in the US.